McEwen agrees to sell Fuller and Paymaster properties for US$55 million
MUX•McEwen agreed to sell the Fuller property and its 60% interest in the Paymaster property in Timmins, Ontario, for US$55 million, including US$5 million cash and US$50 million in Discovery Mining shares.
1. Sale consideration
The Discovery Mining shares will be issued through its unit Dome Mine, with the share consideration set using Discovery’s five-day volume-weighted average price on the TSX and U.S. dollars converted to Canadian dollars. Discovery will own 100% of the Paymaster joint venture after closing.
2. Planned use of proceeds
McEwen said it plans to use the proceeds for growth spending to support its target of annual production of 250,000 to 300,000 GEO by 2030.
