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MINES MANAGEMENT, INC. PRICES
$15 MILLION PUBLIC OFFERING
Spokane, Washington, March 3,
2011 � 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.
Contact:
Mines Management, Inc.
Douglas Dobbs, Vice President Corporate Development & Investor
Relations
Phone: 509-838-6050
Fax: 509-838-0486
Email: info@minesmanagement.com
Web: www.minesmanagement.com
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