Mining News: Northern Neighbors: McEwen Mining is now a Golden Predator insider
Golden Predator Mining Corp. June 16 said it has returned 10,312,154 of the company’s common shares to the treasury. Following this cancellation, a total of 53,501,201 shares remain issued and outstanding. The cancelled shares represent 16.2 percent of the issued shares of the company prior to the cancellation. As a result of the retirement of these shares, McEwen Mining Inc. became an insider of Golden Predator. In May, McEwen Mining invested C$500,000 to acquire 3.125 million Golden Predator units at C16 cents apiece. Each unit included one Golden Predator share and a warrant that entitles the holder to purchase one common share for C21 cents by May 24, 2018. Following the retirement of shares, McEwen Mining controls 5.84 percent of Golden Predator shares, which would increase to 11.04 percent if McEwen Mining exercises its warrants. Earlier in June, McEwen Mining accepted an invitation to nominate Stefan Spears to Golden Predator’s board of directors. In 2008, Spears joined McEwen Mining as vice president, U.S. projects. After founding Coreprint Patterns Inc., an innovative sand casting pattern manufacturer whose repeat clients have included several multi-national corporations in the mining and industrial sectors, Spears rejoined McEwen Mining to address special projects with a focus on corporate development and to tackle technical challenges in operations. He has experience in gold exploration in Canada, USA and Mexico, and has been involved with raising more than C$400 million in equity capital for exploration and development projects. McEwen Mining said it does not have any immediate plans to acquire ownership or control over additional securities of Golden Predator.