09:59 AM EDT, 06/14/2024 (MT Newswires) -- McEwen Mining ( MUX ) on Friday closed an offering of flow-through shares that raised US$22 million.

The company said it sold 0.64-million of the tax-advantaged shares priced at US$15.56 and 0.89-million flow-through shares priced at US$13.49.

The company said the proceeds will be used for "development at the Fox Complex in the Timmins region of Ontario, primarily focused on exploration drilling and the development of an underground access ramp from surface to mine the gold resources of Stock East and West. This represents the next area of production growth at the Fox Complex".

McEwen shares were last seen up $0.08 to $14.17 on the Toronto Stock Exchange.

Price: 14.12, Change: +0.03, Percent Change: +0.21