TORONTO, Oct. 01, 2019 (GLOBE NEWSWIRE) -- Rob McEwen announces that between Aug. 23, 2019 and Oct. 1, 2019 McEwen Mining Inc. (“MUX”) sold 1,000,000 shares of Great Bear Resources Ltd. (“GBR”) of 1020-800 West Pender Street, Vancouver, BC, V6C 2V6 for an aggregate gross proceeds of $7,700,500. MUX is 22% owned by Rob McEwen and is therefore considered a joint actor for the purpose of Canadian National Instrument 62-103.
Prior to the sales by MUX, Rob McEwen beneficially owned or controlled (indirectly through his wholly owned company Evanachan Limited (“Evanachan”) and MUX) 3,930,932 shares and 1,965,466 warrants of GBR, representing approximately 9.1% of the outstanding common shares on a non-diluted basis and approximately 13.1% on a partially diluted basis assuming the exercise of all warrants.
As a result of the sales by MUX, Rob McEwen now beneficially owns and controls (indirectly through Evanachan and MUX) 3,324,025 shares and 1,572,373 warrants of GBR, representing approximately 7.6% of the outstanding common shares on a non-diluted basis and approximately 10.8% on a partially diluted basis assuming the exercise of all warrants.
The sales by MUX resulted in a partially diluted beneficial ownership change of greater than 2% of the outstanding common shares and the filing of an early warning report.
The remaining securities described herein are held for investment purposes, Evanachan and MUX may from time to time and at any time, acquire common shares of GBR in the open market or dispose of any or all of its securities in the open market or otherwise, depending on market conditions, the business and prospects of GBR and other relevant factors. Evanachan is an Ontario incorporated company, whose principal business is resource sector investment. MUX is a Colorado incorporated mining company.
A copy of the early warning report filed in connection with the offering will be made available on SEDAR (www.sedar.com).
FOR FURTHER INFORMATION PLEASE CONTACT:
Evanachan Limited and McEwen Mining Inc.
150 King St. West Suite 2800
(647) 258-0395 x280