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NON-CONTROLLING INTERESTS
3 Months Ended
Mar. 31, 2022
NON-CONTROLLING INTERESTS  
NON-CONTROLLING INTERESTS

NOTE 18 NON-CONTROLLING INTERESTS

On August 23, 2021, the Company announced that its subsidiary, McEwen Copper, closed the first tranche of Series B private placement offering where McEwen Copper issued 4,000,000 common shares at a price of $10.00 per share for gross proceeds of $40.0 million. An affiliate of Mr. McEwen purchased all the shares pursuant to this first tranche. As of March 31, 2022, the affiliate holds 18.6% ownership of McEwen Copper.

As a result of the common shares issued, the Company’s 100% ownership in McEwen Copper was reduced by 18.6%. The Company assessed 18.6% as non-redeemable non-controlling interests. Consequently, the Company recorded $14.9 million as non-controlling interests and $25.1 million as additional paid-in-capital in 2021.

On March 31, 2022, the Company recorded $1.7 million net loss attributed to affiliate’s 18.6% ownership.