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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2018
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS | NOTE 14 RELATED PARTY TRANSACTIONS The Company incurred the following expense (income) in respect to the related parties outlined below:
|  |  |  | Year ended December 31, |
|  |  |  | 2018 |  | 2017 |  | 2016 |
Lexam L.P. |  |  |  | $ | 91 |  | $ | 152 |  | $ | 187 |
Lexam VG Gold |  |  |  |  | — |  |  | (33) |  |  | 85 |
Noblegen Inc. |  |  |  |  | 26 |  |  | 40 |  |  | — |
REVlaw |  |  |  |  | 266 |  |  | 330 |  |  | 124 |
Inventus |  |  |  |  | — |  |  | (36) |  |  | — |
The Company has the following outstanding accounts payable (receivable) balance in respect to the related parties outlined below:
|  |  |  | Year ended December 31,
|  |  |  | 2018 |  | 2017
REVlaw |  |  |  |  | 32 |  |  | 17
Inventus |  |  |  |  | — |  |  | (36)
An aircraft owned by Lexam L.P. (which is controlled by Robert R. McEwen, limited partner and beneficiary of Lexam L.P. and the Company’s Chairman and Chief Executive Officer) has been made available to the Company in order to expedite business travel. In his role as Chairman and Chief Executive Officer of the Company, Mr. McEwen must travel extensively and frequently on short notice. Mr. McEwen is able to charter the aircraft from Lexam L.P. at a preferential rate approved by the Company’s independent board members under a policy whereby only the variable expenses of operating this aircraft for business related travel are eligible for reimbursement by the Company. On April 26, 2017, the Company completed the acquisition of 100% of the issued and outstanding securities of Lexam VG Gold and Lexam VG Gold became a wholly-owned subsidiary of the Company. See Note 19 Acquisitions. Prior to the acquisition, Robert R. McEwen was the Non-Executive Chairman of Lexam VG Gold and held a 27% ownership in Lexam and the Company shared services with Lexam VG Gold including rent, personnel, office expenses and other administrative services. Historically, these transactions were in the normal course of business. Robert R. McEwen is also a significant shareholder of Noblegen Inc., a company that develops processes to commercially cultivate microorganisms with applications in different industries. The metallurgical services provided by Noblegen Inc. are in the normal course of business and have been recorded at their exchange amount. REVlaw is a company owned by Ms. Carmen Diges, General Counsel of the Company. The legal services of Ms. Diges as General Counsel and one other member of the legal department are provided by REVlaw in the normal course of business and have been recorded at their exchange amount. Robert R. McEwen is a significant shareholder of Inventus Mining Corp. (“Inventus”). Stefan Spears, Special Projects, is the CEO and Chairman of Inventus. In his role as being responsible for Special Projects for McEwen, he provides consulting services to the Company in areas unrelated to Inventus. The Company provides custom milling services to Inventus which is in the normal course of business and has been recorded at their exchange amount. An affiliate of Mr. McEwen is also a lender in the $50.0 million senior secured 3-year term loan facility (“term loan”). That affiliate participated as a lender for $25.0 million of the total $50.0 million term loan. During the year ended December 31, 2018, the Company paid $1.0 million in interest to this affiliate. See Note 22 Debt.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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