Rob McEwen Acquires Ownership in MacDonald Mines Exploration Ltd.
Posted on: Friday, 2 November 2007, 09:00 CDT
Rob McEwen announced today that he has acquired ownership of 6,000,000 Flow-Through Units ("Flow-Through Units") and 6,000,000 Units ("Units") of MacDonald Mines Exploration Ltd. ("MacDonald Mines") at a price of $0.40 per each unit. Each Flow-Through Unit consists of one (1) flow-through common share ("Flow-Through Common Share") and one-half (1/2) warrant to purchase common shares of MacDonald Mines ("FT Warrant"). Each Unit consists of one (1) non-flow-through common share ("Common Share") and one full (1) warrant to purchase common shares of MacDonald Mines ("Unit Warrants" and collectively with the FT Warrants, the "Warrants"). Each full Warrant is exercisable to acquire one (1) Common Share at a price of $0.50 per share for a period of two (2) years from the date of issue. The gross proceeds realized by MacDonald Mines in connection with the purchase of the Units and the Flow-Through Units by Mr. McEwen was $4,800,000.
Prior to the acquisition of the Common Shares, Mr. McEwen did not exercise control or direction over any securities of MacDonald Mines.
The Common Shares acquired by Mr. McEwen represent approximately 8.8% of the current outstanding Common Shares of MacDonald Mines. Assuming the exercise of all of the Warrants, Mr. McEwen will hold approximately 14.4% of the outstanding Common Shares of MacDonald Mines.
The Common Shares, which are subject to a four month hold period, were issued from the treasury of MacDonald Mines pursuant to a private placement.
Contacts: McEwen Capital Corporation Ian J. Ball (647) 258-0395 or Toll Free: 1-866-441-0690 (647) 258-0408 (FAX) Email: info@mcewencapital.com Website: www.mcewencapital.com McEwen Capital Corporation Corporate Head Office 99 George Street, 3rd Floor Toronto, Ontario M5A 2N4
SOURCE: McEwen Capital
Source: MARKET WIRE
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