8-K
filed March 1, 2023, 6:59 PM ET
ticker MUX
CIK 0000314203
other material
confidence high
sentiment positive
materiality 0.80
McEwen Copper secures ~US$185M from Stellantis and Nuton; valued at ~US$550M
McEwen Inc.
- Stellantis invested ARS $30B (~US$155M) for 14.2% of McEwen Copper; Nuton invested US$30M for additional 14.2%.
- McEwen Mining retains 51.9% ownership of McEwen Copper on a fully diluted basis post-transactions.
- Proceeds will advance development of the Los Azules copper project in San Juan, Argentina.
- Stellantis gets board seat, preemptive rights, and copper purchase option; Nuton gets amended collaboration agreement.
- McEwen Copper commits to net-zero carbon emissions from Los Azules by 2038.
Key facts
Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
McEwen Inc. entered into Offer Agreement with FCA Argentina S.A. (Stellantis N.V.) valued at 1,250,000 shares of McEwen Copper common stock for aggregate proceeds of ARS $9,146,706,410 ($47,375 (effective 2023-02-23).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- FCA Argentina S.A. (Stellantis N.V.)
- Value
- 1,250,000 shares of McEwen Copper common stock for aggregate proceeds of ARS $9,146,706,410 ($47,375
- Effective
- 2023-02-23
Exact text from the filing
the agreement to purchase the common stock of McEwen Copper in the Stellantis Secondary Transaction is embodied in an Offer Agreement of the same date between Stellantis, the Company, McEwen Copper and certain subsidiaries of McEwen Copper (“ Offer ”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
McEwen Inc. entered into Investor Rights Agreement with Stellantis N.V. valued at Investor Rights Agreement providing board appointment, preemptive rights, and carbon-neutral commitm (effective 2023-02-23).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Stellantis N.V.
- Value
- Investor Rights Agreement providing board appointment, preemptive rights, and carbon-neutral commitm
- Effective
- 2023-02-23
Exact text from the filing
the Company, McEwen Copper, Minera Andes Inc., a subsidiary of the Company, Robert McEwen (collectively, the Company, McEwen Copper, Minera Andes and Mr. McEwen are referred to as the “ McEwen Parties ”) and Stellantis entered into an Investor Rights Agreement, also dated February 23, 2023 (“ IRA ”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
McEwen Inc. entered into Nuton LOI with Nuton LLC valued at 350,000 shares of McEwen Copper common stock for aggregate proceeds of $6,562,500 (effective 2023-02-23).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Nuton LLC
- Value
- 350,000 shares of McEwen Copper common stock for aggregate proceeds of $6,562,500
- Effective
- 2023-02-23
Exact text from the filing
McEwen Copper entered into a binding term sheet with Nuton LLC, a current shareholder of McEwen Copper and subsidiary of Rio Tinto (“ Nuton ”), pursuant to which Nuton exercised its preemptive rights under an existing shareholder agreement and agreed to purchase 350,000 shares of McEwen Copper common stock directly from McEwen Copper for aggregate proceeds of $6,562,500 (the “ Nuton LOI ”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
McEwen Inc. entered into Nuton Secondary LOI with Nuton LLC valued at 1,250,000 shares of McEwen Copper common stock for aggregate purchase price of $23,437,500 (effective 2023-02-23).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Nuton LLC
- Value
- 1,250,000 shares of McEwen Copper common stock for aggregate purchase price of $23,437,500
- Effective
- 2023-02-23
Exact text from the filing
Nuton entered into a binding term sheet with the Company (the “ Nuton Secondary LOI ”) pursuant to which Nuton agreed to purchase 1,250,000 shares of McEwen Copper common stock from the Company through its subsidiary for an aggregate purchase price of $23,437,500
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
McEwen Inc. entered into Copper Purchase Option with Stellantis N.V. valued at Option to purchase copper cathodes and/or copper concentrates up to a maximum percentage equal to St (effective 2023-02-23).
- Action
- entry
- Agreement
- supply
- Counterparty
- Stellantis N.V.
- Value
- Option to purchase copper cathodes and/or copper concentrates up to a maximum percentage equal to St
- Effective
- 2023-02-23
Exact text from the filing
Andes Corporación Minera S.A., a Company subsidiary and owner of the Los Azules project, entered into an Option Agreement with Stellantis that provides Stellantis the option to purchase copper cathodes and/or copper concentrates from the mine, if and when such mine reaches production (the “ Copper Purchase Option ”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
McEwen Inc. entered into Private Placement Subscription Agreement with FCA Argentina S.A. (Stellantis N.V.) valued at 2,850,000 shares of McEwen Copper common stock for gross proceeds of ARS $20,854,490,614 (effective 2023-02-23).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- FCA Argentina S.A. (Stellantis N.V.)
- Value
- 2,850,000 shares of McEwen Copper common stock for gross proceeds of ARS $20,854,490,614
- Effective
- 2023-02-23
Exact text from the filing
On February 23, 2023, McEwen Mining Inc. (the “ Company ”) and McEwen Copper Inc., a privately-held Alberta, Canada subsidiary of the Company (“ McEwen Copper ”), consummated agreements pursuant to which a single investor purchased 2,850,000 shares of McEwen Copper common stock from that entity for gross proceeds of ARS $20,854,490,614 (Argentine Pesos; $108,015,000 at a deemed ARS/USD exchange rate of 193.07) (the “ Stellantis Private Placement ”)
View on SEC.gov
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