McEwen Mining Files Early Warning Report in Connection With Private Placement in Visible Gold Mines Inc.
McEwen Mining Inc. has subscribed, by way of a private placement, 8,333,333 common share units of Visible Gold Mines Inc. at a price of $0.06 per Unit for an aggregate amount of $500,000. Each Unit consists of one common share and one warrant. Each warrant entitles McEwen Mining to purchase one additional common share in Visible Gold at a price of $0.10 until April 27, 2016. The common shares and warrants purchased pursuant to the Transaction represent ownership of approximately 10.4% of the issued and outstanding shares of Visible Gold post closing (or approximately 18.9% on a partially diluted basis).