MUX - McEwen Mining's copper subsidiary to receive $25M investment

McEwen Mining ( NYSE: MUX ) +4.7% in Wednesday's trading after saying Nuton Technologies agreed to invest $25M in the company's McEwen Copper subsidiary, which will help advance the Los Azules copper project in Argentina; trading resumes after a halt.

Under the deal terms, McEwen Copper and Nuton will jointly undertake copper leach testing using Nuton Technologies with samples from Los Azules, and McEwen will grant exclusivity to Nuton for one year in the area of novel, patented or trade secret leaching technology.

Nuton will have the right to select one nominee to McEwen Copper's board, which will continue for as long as Nuton owns more than 7.5% of McEwen Copper's issued and outstanding shares.

McEwen Mining ( MUX ) has said it plans to spin off McEwen Copper with an IPO in H1 2023 .

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