XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2022
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 14 RELATED PARTY TRANSACTIONS

The Company recorded the following expense in respect to the related parties outlined below during the periods presented:

​

​

​

​

​

​

​

Three months ended March 31,

​

2022

    

2021

Lexam L.P.

$

—

​

$

11

Execaire, a division of IMP Group

$

53

​

​

—

REVlaw

$

214

​

​

35

The Company has the following outstanding accounts payable balances in respect to the related parties outlined below:

​

​

​

​

​

​

​

March 31, 2022

​

December 31, 2021

Execaire, a division of IMP Group

$

53

​

$

—

REVlaw

$

98

​

​

137

​

An aircraft owned by Lexam L.P. (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 to expedite business travel. 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.

​

REVlaw is a company owned by Carmen Diges, General Counsel & Secretary of the Company. The legal services of Ms. Diges as General Counsel & Secretary and other support staff, as needed, are provided by REVlaw in the normal course of business and have been recorded at their exchange amount.

An affiliate of Mr. McEwen participated as a lender in the $50.0 million term loan by providing $25.0 million of the total $50.0 million funding and continued as such under the ARCA. During the three months ended March 31, 2022, the Company paid $0.6 million (three months ended March 31, 2021 – $0.6 million) in interest to this affiliate. The payments to the affiliate of Mr. McEwen are on the same terms as the non-affiliated lender (Note 10).

On March 31, 2022, the Company entered into a $15.0 million unsecured subordinated promissory note with a company controlled by Mr. McEwen, the Company’s Chairman and Chief Executive Officer of McEwen Mining Inc. (“Promissory Note”). The Promissory Note is payable in full on or before September 25, 2025, interest is payable monthly at a rate of 8% per annum and is subordinated to the ARCA loan facility (Note 10).

On August 23, 2021, an affiliate of Mr. McEwen participated in the Series B private placement offering conducted by McEwen Copper Inc. (“McEwen Copper”) (Note 18).