McEwen agrees to sell Fuller, Paymaster properties to Discovery Mining for $55 million
MUX•McEwen agreed to sell the Fuller property and its 60% interest in Ontario’s Paymaster property to Discovery Mining for US$55 million: US$5 million in cash and US$50 million in Discovery shares.
1. Sale terms
The transaction covers McEwen’s Fuller property and its 60% interest in the Paymaster property in Timmins, Ontario. The share portion will be priced using Discovery’s five-day volume-weighted average price ending two business days before closing and converted to Canadian dollars at the Bank of Canada rate.
2. Expected closing
Closing is expected after customary conditions are met, including TSX approval for the share issuance. McEwen said the sale is intended to monetize non-core assets to fund growth projects tied to a goal of 250,000–300,000 GEO in annual production by 2030.
