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SUBSEQUENT EVENT
 9 Months Ended
Sep. 30, 2012
SUBSEQUENT EVENT  
SUBSEQUENT EVENT

NOTE 15   SUBSEQUENT EVENT

 

On October 29, 2012, the Company announced the launch of a transferrable rights offerings backstopped by Mr. McEwen, the Company’s Chairman and CEO, in which all existing holders of common stock of McEwen Mining and existing holders of the 2012-Exchangeable Shares have the opportunity to participate on an equal and proportional basis in purchasing additional Common Shares or 2012-Exchangeable Shares at a price of $2.25 (or C$2.24) per share, which represents a 50% discount to the closing share price prior to the announcement.  Shareholders will receive one right for each Common Share or 2012-Exchangeable Share and 10 rights are needed to purchase an additional share of the same class.  The Company will raise approximately $60 million in gross proceeds with this transaction.  The record date for shareholders of the Company to receive rights is November 8, 2012 and the rights will expire on December 4, 2012.  In the interim period, the rights on the Common Shares will trade publicly on the NYSE and TSX and the rights on the 2012-Exchangeable Shares will trade on the TSX.