Mines Management Withdraws Public Offering of Common Sharesadmin
MINES MANAGEMENT, INC. announced today that it has withdrawn its previously announced public offering of 6,000,000 shares of common stock. The terms presented by the underwriters did not meet the minimum expectation of net proceeds.
The Company’s President and Chief Executive Officer, Mr. Glenn M. Dobbs, stated, “While we were gratified with the strong support for the offering, potential pricing would have required unacceptable levels of dilution to current stockholders. We are fortunate that our balance sheet remains strong as we work to advance the Montanore Silver-Copper Project, with approximately US$14 million in cash and cash equivalents, and no material debt. We will continue to focus our efforts on preparations for the underground drilling program and re-permitting efforts as we advance the Montanore toward development.”
Mines Management, Inc. is a U.S. based mineral company focused on the acquisition, exploration, and development of precious and base metals deposits. The Company’s current primary focus is on the advancement of the Montanore Silver-Copper Project located in northwestern Montana. The Montanore Project is a large silver and copper project currently undergoing the approval process and preparation for an underground evaluation and drilling program which would support completion of a feasibility study. The Company is also currently seeking properties primarily in the Western Hemisphere as part of its ongoing growth strategy.