McEwen Mining Addresses New York Stock Exchange Listing Requirements
March 27 2020 - 5:00AM
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports
that it has fallen below the New York Stock Exchange ("NYSE")
continued listing requirement related to the price of its common
stock. The NYSE requires that the average closing price of a listed
company's common stock be above US$1.00 per share, calculated over
a period of 30 consecutive trading days. The Company was notified
by the NYSE on March 24, 2020 that the average price of its common
stock for the previous 30 trading days was below US$1.00 per share.
McEwen Mining intends to take steps to regain compliance of the
NYSE continued listing requirements. Under the NYSE's rules, the
Company has a period of six months to bring its share price and
30-day average closing share price back above US$1.00. During this
period, the Company’s common stock will continue to trade on the
NYSE, subject to all other continued listing requirements. At the
end of the six-month remedy period, if the share price has not
recovered, the Company's stock will be subject to NYSE suspension
and delisting procedures. The Company's listing on the Toronto
Stock Exchange ("TSX") is unaffected by any actions of the
NYSE.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTSThis news release contains certain
forward-looking statements and information, including
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements and information expressed, as at the date of this news
release, McEwen Mining Inc.'s (the "Company") estimates, forecasts,
projections, expectations or beliefs as to future events and
results. Forward-looking statements and information are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties, risks
and contingencies, and there can be no assurance that such
statements and information will prove to be accurate. Therefore,
actual results and future events could differ materially from those
anticipated in such statements and information. Risks and
uncertainties that could cause results or future events to differ
materially from current expectations expressed or implied by the
forward-looking statements and information include, but are not
limited to, effects of the COVID-19 pandemic, fluctuations in the
market price of precious metals, mining industry risks, political,
economic, social and security risks associated with foreign
operations, the ability of the corporation to receive or receive in
a timely manner permits or other approvals required in connection
with operations, risks associated with the construction of mining
operations and commencement of production and the projected costs
thereof, risks related to litigation, the state of the capital
markets, environmental risks and hazards, uncertainty as to
calculation of mineral resources and reserves, and other risks.
Readers should not place undue reliance on forward-looking
statements or information included herein, which speak only as of
the date hereof. The Company undertakes no obligation to reissue or
update forward-looking statements or information as a result of new
information or events after the date hereof except as may be
required by law. See McEwen Mining's Annual Report on Form 10-K for
the fiscal year ended December 31, 2019 and other filings with the
Securities and Exchange Commission, under the caption "Risk
Factors", for additional information on risks, uncertainties and
other factors relating to the forward-looking statements and
information regarding the Company. All forward-looking statements
and information made in this news release are qualified by this
cautionary statement.
The NYSE and TSX have not reviewed and do not accept
responsibility for the adequacy or accuracy of the contents of this
news release, which has been prepared by management of McEwen
Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining is a diversified gold and silver producer and
explorer with operating mines in Nevada, Canada, Mexico and
Argentina. It also owns a large copper deposit in Argentina.
McEwen’s goal is to create a profitable gold and silver producer
focused in the Americas.
McEwen Mining has approximately 400 million shares outstanding.
Rob McEwen, Chairman and Chief Owner, owns 20% of the shares.
CONTACT INFORMATION:
Investor
Relations: |
Website: www.mcewenmining.com |
150 King
Street West |
(866)-441-0690 Toll Free |
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Suite 2800, P.O. Box 24 |
(647)-258-0395 |
Facebook: facebook.com/mcewenmining |
Toronto, ON, Canada |
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Facebook: facebook.com/mcewenrob |
M5H 1J9 |
Mihaela Iancu ext. 320 |
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Twitter: twitter.com/mcewenmining |
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info@mcewenmining.com |
Twitter: twitter.com/robmcewenmux |
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Instagram: instagram.com/mcewenmining |
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