Toronto-based McEwen Mining has entered into a new $15 million unsecured subordinated promissory note from Rob McEwen, the company’s chairman and chief owner.
In a statement, the miner’s chairman said that reduced cash flow from operations in the first quarter of 2022 has placed McEwen Mining in a challenging position which the company needs to overcome.
“I have invested a further $15 million by way of an unsecured Prom-issory Note so that we can implement corrective action. It was also beneficial to extend the maturity of our Term Loan to enable us to invest in production growth and mine life extensions before debt re-tirement,” McEwen said.
“Results from operations are expected to improve starting with the current quarter and resume the positive trend we experienced during 2021. Gold Bar achieved our production target in Q1 and Los Azules has made some important advances,” he said.