Why This $1 Gold Stock Popped 15% Today
Shares of McEwen Mining (NYSE: MUX) zoomed today, closing Monday up 15.2%. The gold and silver stock just made progress on an initial public offering it's planning in the coming year.
On July 6, McEwen Mining created a subsidiary called McEwen Mining Copper to create a pure-play copper company to primarily develop its Los Azules copper mine in Argentina, and announced its plan to raise $80 million through a private offering of shares. McEwen Mining eventually intends to launch an IPO for McEwen Mining Copper within 12 months of closing the share sales.
The morning of Aug. 23, McEwen Mining took its first concrete step toward the IPO by raising $40 million via a sale of the subsidiary's shares to CEO Rob McEwen.
Source Fool.com
