True Gold Mining's Karma mine has been designed to deliver 97 000 ozpa of gold for 8.5 years.
Endeavour Mining Corporation on Tuesday announced that it had successfully completed the acquisition of True Gold Mining.

Endeavour Mining and True Gold Mining jointly said in a statement that pursuant to a court-approved plan of arrangement, shareholders of True Gold received 0.044 of an Endeavour Mining ordinary share for each True Gold common share held.

In addition, La Mancha exercised its anti-dilution right to maintain its 30% stake and invested C$82.6 million via an equity placement for approximately 7.54 million Endeavour ordinary shares.

Following the transaction close, Endeavour Mining’s issued and outstanding shares totalled approximately 84.3 million and its market capitalization amounted to approximately C$1.3 billion, based on Endeavour’s last closing price on the Toronto Stock Exchange.

This follows overwhelming shareholder approval last week at the special meetings held by both companies to approve the acquisition.

Earlier this month Endeavour Mining’s 90%-owned Houndé project in Burkina Faso entered the construction phase of its development while True Gold poured first gold at its Karma mine, also in Burkina Faso.