Precious metals miner McEwen Mining and its chief owner Rob McEwen will invest a combined C$6-million in Ontario explorer Great Bear Resources, which last week announced a high-grade gold discovery in the Red Lake district.
Rob McEwen has agreed to purchase $4.8-million and McEwen Mining $1.2-million of the TSX-V-listed exploration company’s private placement financing to raise C$10-million. The private placement, announced on Friday, is priced at C$1.45 a unit.
On completion, the two entities will collectively own 18.8% of Great Bear, which Rob McEwen believes could be onto a “significant new gold discovery” in one of Canada’s premier mining camps. Continue Reading →