06:36 AM EST, 02/07/2025 (MT Newswires) -- McEwen Mining ( MUX ) on Friday priced its private placement of $95 million of convertible senior notes due 2030.

The company increased the amount from a previously announced $85 million.

The company also granted to initial purchasers an option to buy up to an additional $15 million of notes, for settlement within 13 days from the date of initial issuance of the notes.

The initial conversion price of $11.25 per share represents a conversion premium of about 30% over the closing sale price of $8.65 per share on Feb. 6.

The notes will mature on Aug. 15, 2030, unless earlier converted, redeemed or repurchased.

Net proceeds from the offering are estimated at $91.3 million, or $105.9 million if initial purchases exercise their option in full. Net proceeds will be used to pay the cost of capped call overlay, repay a portion of outstanding borrowings under McEwen's credit agreement and for general corporate purposes.

The sale is scheduled to close on Feb. 11, subject to customary closing conditions.

McEwen at last look fell 8.7% to US$7.90 in U.S. pre-market trading on Friday.