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TORONTO, ONTARIO--(Marketwired - July 2, 2015) - McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) announced today that it has fallen below the New York Stock Exchange ("NYSE") continued listing requirement related to the price of its common stock. The NYSE requires that the average closing price of a listed company's common stock be above US$1.00 per share, calculated over a period of 30 consecutive trading days. The Company was advised by the NYSE on July 1, 2015 that the average price of our common stock for the previous 30 trading days was below US$1.00 per share.
Under the NYSE's rules, McEwen Mining has a period of six months from July 1, 2015, the date of the Company's acknowledgement, to bring its share price and 30 day average closing share price back above US$1.00. During this period, McEwen Mining's common stock will continue to trade on the NYSE, subject to all other continued listing requirements. The Company's listing on the Toronto Stock Exchange ("TSX") is unaffected by any actions of the NYSE.
"We do not believe that McEwen Mining's current share price is reflective of the true value of the Company's assets. Our share price has been under pressure as a result of the decline in gold and silver prices and a general reduction in financing options that have affected many companies in the mining space. The Company values its NYSE listing and will evaluate measures to bring our share price into compliance with listing requirements." said Rob McEwen, Chairman and Chief Owner. "We have recently initiated a dividend distribution based on our improving operational performance and growing cash reserves, and we beat our Q2 production guidance at the El Gallo Mine, the third consecutive quarter with record production. We expect to continue our production success over the remainder of the year, maintaining guidance for production and costs" he added.
At the end of the six-month remedy period, if the share price has not recovered, the Company's stock will be subject to NYSE suspension and delisting procedures.