McEwen Capital: Robert R. McEwen Acquires Units of Golden Valley Mines Ltd.
Robert R. McEwen Acquires Units of Golden Valley Mines Ltd.
TORONTO, ONTARIO — (MARKET WIRE) — January 11, 2007 — Robert R. McEwen announced today that he has acquired ownership of 3,787,878 Units (the “Units”)
of Golden Valley Mines Ltd. (”Golden Valley”) at a price of $0.33 per Unit. Each Unit consists of one (1) common share (”Common Share”) of Golden Valley and one (1) warrant (”Warrant”) of Golden Valley exercisable to acquire one (1) Common Share at a price of $0.50 at any time prior to January 10, 2009. The gross proceeds realized by Golden Valley in connection with the purchase of Units by Mr. McEwen was $1,250,000.
Prior to the acquisition of the Common Shares, Mr. McEwen did not exercise control or direction over any securities of Golden Valley.
The Common Shares acquired by Mr. McEwen represent approximately 7.8% of the current outstanding common shares of Golden Valley. Assuming the exercise of all of the Warrants, Mr. McEwen will hold approximately 14.6% of the outstanding common shares of Golden Valley.
The Common Shares, which are subject to a four month hold period, were issued from the treasury of Golden Valley pursuant to a private placement.
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