Business
TNR Gold NSR Royalty Update; McEwen Mining's Los Azules Copper, Gold & Silver Project - Close of ARS $30 Billion Investment by Stellantis
Vancouver, British Columbia--(Newsfile Corp. - March 2, 2023) - TNR Gold Corp. (TSXV: TNR) ("...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold NSR Royalty Update; McEwen Mining's Los Azules Copper, Gold & Silver Project - Close of ARS $30 Billion Investment by StellantisVancouver, British Columbia--(Newsfile Corp. - March 2, 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 closing of an ARS $30 billion investment by Stellantis, one of the world's leading automakers and mobility providers with iconic brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, RAM, Vauxhall, Free2Move and Leasys.FCA Argentina S.A., a subsidiary of Stellantis N.V. (\"Stellantis\"), has invested ARS $30 billion in Argentina to acquire shares of McEwen Copper in a two-part transaction that closed on February 24th, 2023 (the \"Transaction\") consisting of: 1. Private placement of 2,850,000 common shares, and 2. Purchase of 1,250,000 common shares indirectly owned by McEwen Mining in a secondary sale. 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 the closing of the Transaction, McEwen Mining will be separately compensated for the secondary sale by McEwen Copper in U.S. dollars.Giving effect to the upcoming investment by Nuton LLC, also announced today, Stellantis owns 14.2% of McEwen Copper and McEwen Mining owns 51.9% on a fully diluted basis. The Transaction values McEwen Copper at approximately US$550 million.Stellantis Chief Executive Officer Carlos Tavares said: \"Stellantis intends to lead the industry with the commitment to be carbon net zero by 2038 – a goal that requires innovation and a complete redefinition of the entire business. We are taking importan...