McEwen Sells Fuller and Paymaster for US$55M, Adds US$13.5M from Debt Assignment
MUX sits 19% above its 52-week low of $14.93.
Summary
McEwen agreed to sell its Fuller and Paymaster properties in Timmins, Ontario to Dome Mine Ltd. for US$55 million, consisting of US$5 million cash and US$50 million in Discovery Mining shares. The company also assigned a US$13.5 million McEwen Copper loan receivable for cash, bringing total new capital to about US$68.5 million. Proceeds will fund growth capex across Fox Complex, El Gallo, and other projects, supporting the 250,000–300,000 GEOs by 2030 target without share dilution. The transaction monetizes non-core assets while Discovery consolidates 100% of Paymaster. Closing is subject to TSX approval and customary conditions.
At the time of this announcement, MUX was trading at $17.71 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $14.93 to $29.70. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.