12:02 PM EST, 02/07/2025 (MT Newswires) -- (Updates shares.)

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 on Feb. 6.

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

Proceeds from the offering are estimated at $91.3 million, or $105.9 million if initial purchases exercise their option in full. Proceeds will be used to pay the cost of a capped call overlay, to repay a portion of outstanding debt and for general corporate purposes.

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

McEwen shares were last seen down $1.75 to $10.65 on the Toronto Stock Exchange.

Price: 10.67, Change: -1.73, Percent Change: -13.95