Rio Tinto’s Nuton invests $35m in McEwen Copper
Nuton, a copper technology venture of Rio Tinto, has pumped $35-million into McEwen Copper, which owns the Los Azules project in Argentina.
McEwen previously announced a nonbrokered private placement financing of up to 2.34-million shares at $30 a share for up to $70-million. The first tranche was led by a $14-million investment by TSX-listed McEwen Mining and a $5-million investment by Rob McEwen.
In this second tranche of the offering, Nuton has purchased an additional 1.17-million common shares of McEwen Copper for $35-million and two other investors have acquired 66 669 common shares for $2-million.
Following the closing of the second tranche, McEwen Copper has raised a total of $56-million.
Nuton now owns 17.2% of McEwen Copper on a fully diluted basis. Following these share issuances, McEwen Copper will have 32.8-million shares outstanding, giving it a post-money market value of $984-million.
Its shareholders are McEwen Mining 46.4%, Stellantis 18.3%, Nuton 17.2%, Rob McEwen 12.7%, Victor Smorgon Group 3.0% and other shareholders 2.0%.
Proceeds from the offering will be used to advance ongoing work on the feasibility study for the Los Azules copper project, which is scheduled for publication in the first half of 2025.
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