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McEwen Mining Inc. (TSX:MUX,NYSE:MUX) released an updated on its plan to regain compliance with the NYSE’s minimum share price requirement.
McEwen Mining Inc. (TSX:MUX,NYSE:MUX) released an updated on its plan to regain compliance with the NYSE’s minimum share price requirement.
The exchange requires listed companies’ share prices to be above US$1 for a period of 30 consecutive trading days, and the company was told on July 1, 2015 that it no longer met the requirement.
The company has taken the following measures to support its share price:
- Delivering four consecutive quarters of record production and three of positive cash flow.
- Implementing an annual return of capital distribution of 1¢ per share paid semi-annually, with the second payment expected in February 2016.
- Marketing the company to raise awareness of our asset base, growing profitable production, expanding treasury, and optionality to gold, silver, and copper.
- Evaluating potential M&A transactions that would add share value.
- Initiating a share buy back program whereby we can repurchase up to 5% of common stock over the next twelve months.
Rob McEwen, chief owner of McEwen Mining, commented:
We’ve made good progress in a difficult market. This year we strengthened our balance sheet, increased production, and decreased our costs. I’m not going to take this lying down, I have no intention of being delisted from the world’s premier stock exchange.
Click here to read the full McEwen Mining Inc. (TSX:MUX,NYSE:MUX) press release.