Mines Management, Inc. Prices $15 Million Public Offering
Mines Management, Inc. ('Mines Management? or the 'Company?) (NYSE Amex:
MGN) (TSX: MGT) is pleased to announce that it has priced an
underwritten public offering of 4,800,000 shares of common stock at a
price to the public of $3.15 per share. Mines Management expects that
the offering will yield net proceeds, before estimated offering
expenses, of approximately $14.2 million and intends to use the net
proceeds from this offering for (i) the advancement of the permitting
process for its Montanore Project and the commencement of the Company′s
planned delineation drilling program, which will include advancement of
the adit, establishment of drilling stations and commencement of
exploratory drilling, and (ii) for general corporate purposes, including
possible acquisition and exploration of new mining properties.
Roth Capital Partners acted as sole manager for the offering. In
connection with the offering, Mines Management granted Roth Capital
Partners a 30-day option to purchase up to an additional 720,000 shares
to cover over-allotments, if any. The offering is expected to close on
or about March 8, 2011, subject to the satisfaction of customary closing
conditions.
The offering is being made by way of a shelf registration statement,
which was declared effective by the Securities and Exchange Commission
('SEC?) on October 27, 2009, a base shelf prospectus and a preliminary
prospectus supplement, each of which has been filed with the SEC.
Electronic copies of the final prospectus supplement, when available,
may be obtained by either contacting the underwriter (as set forth
below) or by accessing the SEC website, www.sec.gov.
Roth Capital Partners, LLC
Attn: Syndicate Department
24
Corporate Plaza
Newport Beach, CA 92660
Phone: 800-678-9147
Email:
Rothecm@roth.com
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which the offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. The securities
being offered have not been approved or disapproved by any regulatory
authority, nor has any such authority passed upon the accuracy or
adequacy of the prospectus supplement, the prospectus or the Company′s
shelf registration statement.
About Mines Management Inc.
Mines Management, Inc. is engaged in the business of acquiring and
exploring, and if exploration is successful, developing mineral
properties, primarily those containing silver and associated base and
precious metals.Its primary focus is on the advancement of the
Montanore silver-copper project located in northwestern Montana.
For further information, please contact:
Mines Management, Inc.
Attn: Douglas Dobbs
905 W. Riverside
Ave., Ste. 311
Phone: 509-838-6050
Fax: 509-838-0486
Email:
info@minesmanagement.com
This press release contains forward-looking statements within the
meaning of the U.S. Securities Act of 1933, as amended, and U.S.
Securities Exchange Act of 1934, as amended, including statements
regarding this proposed offering. Forward-looking statements are all
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that Mines
Management expects or anticipates will or may occur in the future,
including such things as whether the closing conditions will be
satisfied, whether or when the over-allotment option will be exercised,
the net proceeds of the offering and the anticipated use of proceeds.
When used in this press release, the words 'potential?, 'indicate?,
'expect?, 'intend?, 'possible?, 'hopes,? 'believe,? 'may,? 'will,? 'if?
and similar expressions are intended to identify forward-looking
statements. These statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Mines Management to be materially
different from any future results, performance or achievements expressed
or implied by such statements. Such factors include, among others,
uncertainty of market response to the offering, the pricing of the
offering, the future use of proceeds, fluctuations in silver and copper
prices, general economic conditions, economic or political events
affecting the supply of and demand for silver and copper, changes in
U.S. securities markets, failure to receive regulatory approvals or
changes in the attitude of state and local officials to the Montanore
Project; as well as those factors discussed in Mines Management′s latest
Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other
documents filed with the U.S. Securities and Exchange Commission.
Although Mines Management has attempted to identify important factors
that could cause actual results to differ materially from those
described in forward-looking statements, there may be other factors that
cause results not to be as anticipated, estimated or intended. Except as
required by law, Mines Management assumes no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
Mines Management, Inc.
Douglas Dobbs
Phone: 509-838-6050
Fax:
509-838-0486
Email: info@minesmanagement.com