Business
TNR Gold Announces McEwen Copper $80 Million Private Placement to Advance the Los Azules Copper Project
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2021) - TNR Gold Corp. (TSXV: TNR) ...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold Announces McEwen Copper $80 Million Private Placement to Advance the Los Azules Copper ProjectVancouver, British Columbia--(Newsfile Corp. - July 8, 2021) - TNR Gold Corp. (TSXV: TNR) (\"TNR\", \"TNR Gold\" or the \"Company\") is pleased to announce that McEwen Mining Inc. (\"McEwen\") has created McEwen Copper Inc. and is organizing a private placement (the \"Offering\") of up to US$80 million as announced its news release dated July 6, 2021.McEwen Copper intends to pursue an initial public listing within 12 months from the closing of the Offering. Proceeds from the Offering will be used exclusively by McEwen Copper to advance the Los Azules Copper Project to a pre-feasibility study, to construct a new year-round access road to the project, carry out exploration drilling at Los Azules, and to complete environmental permitting and community relations.Rob McEwen, McEwen's Chairman and Chief Owner, stated, \"This is a significant and exciting moment for McEwen Mining because of the value it should release. Currently, the market appears to be giving us little value for our Los Azules copper deposit, despite its impressive size and robust economics at present copper prices. Unfortunately, the scale of the required project development expenditures would require McEwen Mining to issue a massive number of additional shares. This share dilution would not be acceptable. However, we believe that by putting our copper assets, Los Azules and Elder Creek, into a separately listed company exclusively focused on copper, we can create an attractive copper investment vehicle. It will allow us to raise the money necessary to fund progress towards the rapid development of one of the world's largest copper resources. We expect that McEwen Copper will compare very favorably to other single-asset copper developers. Within 12 months of closing this Offering we plan to take the company public. In the interim, we will be investigating ways to make a share distribution to you, MUX shareowners, of a portion of McEwen Mining's holdings of McEwen Copper in a tax-efficient way.\"The Los Azules Copper Project is an advanced large-scale porphyry copper exploration project located in the prolific Andean Cordillera copper belt, 56 miles (90 km) north of Glencore's El Pachón project and near the border with Chile. In 2017, McEwen Mining completed a ...