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TNR Gold - Los Azules Copper, Gold & Silver Project NSR Royalty Update; McEwen Mining Announces US$30 Million Investment by Nuton, a Rio Tinto Venture
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - TNR Gold Corp. (TSXV: TNR) ("...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold - Los Azules Copper, Gold & Silver Project NSR Royalty Update; McEwen Mining Announces US$30 Million Investment by Nuton, a Rio Tinto VentureVancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - TNR Gold Corp. (TSXV: TNR) (\"TNR\", \"TNR Gold\" or the \"Company\") is pleased to announce that McEwen Mining Inc. (\"McEwen Mining\") provided an update on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a 0.4% net smelter returns royalty (\"NSR Royalty\") (of which 0.04% of the 0.4% NSR Royalty is held on behalf of a shareholder) on the Los Azules Copper Project. The Los Azules Copper Project is held by McEwen Copper Inc., a subsidiary of McEwen Mining.The news release issued by McEwen Mining on February 27, 2022, stated:\"McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to announce a binding agreement for an additional US$30 million investment by Nuton LLC, a Rio Tinto Venture, and existing McEwen Copper shareholder.Nuton has agreed to invest US$30 million to acquire shares of McEwen Copper in a two-part transaction expected to close no later than March 10th, 2023 (the \"Nuton Transaction\") consisting of: 1. Private placement of 350,000 McEwen Copper common shares, and 2. Purchase of 1,250,000 common shares owned by McEwen Mining in a secondary sale. Proceeds of the subscription and purchase are expected to be approximately US$6.5 million to McEwen Copper and US$23.5 million McEwen Mining, respectively. The proceeds of the private placement will be used to advance development of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes.After closing, Nuton will own 14.2% of McEwen Copper on a fully diluted basis, and McEwen Mining will own 51.9%. The transaction values McEwen Copper at approximately US$550 million.McEwen Copper Chief Executive Rob McEwen said: \"We are extremely pleased to have Nuton's strong continued participation in McEwen Copper. Together we are exploring new technologies that save energy, water, time and capital in the pursuit of delivering green copper to Argentina and the world, a product that will contribute to the electrification of transportation and the protection of our atmosphere.\"In connection with the Transaction, McEwen Copper and certain of its affiliates entered into an Amen...