McEwen Copper, a subsidiary of McEwen Mining, on Monday announced two separate transactions that provide a significant financial boost for its Los Azules project, in Argentina.
The company announced that automaker and mobility group Stellantis had invested 30-billion Argentine peso (about $150-million) to acquire shares of McEwen Copper in a two-part transaction that closed last week.
The transaction involved a private placement of 2.85-million common shares and the purchase of 1.23-million common shares directly owned by McEwen Mining in a secondary sale.
McEwen Copper said it would use the proceeds of the placement to advance the Los Azules copper project and for general corporate purposes. After closing the transaction, McEwen Mining would be separately compensated for the secondary sale by McEwen Copper in US dollars.
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