Mergers & Acquisitions ·
McEwen signs $55M deal to sell Fuller and Paymaster assets for cash and Discovery Mining shares
MUXMcEwen Inc.
McEwen Inc. has entered into a definitive asset purchase agreement with Dome Mine Ltd., a subsidiary of Discovery Mining Ltd., to sell its Fuller property, 60% interest in the Paymaster property, and related surface rights in Timmins, Ontario. The total consideration is $55 million, structured as $5 million in cash and $50 million in common shares of Discovery Mining. Additionally, McEwen received $13.5 million in cash from assigning a pre-existing loan receivable to new lenders. These transactions provide approximately $68.5 million in additional capital to support the company's growth strategy and production targets. McEwen Inc. operates as a precious metals mining company with assets in North and South America.