This was done through a US$47.5 million private placement that will enable Endeavour Mining to make progress on both the Ity CIL project and its five-year exploration programme.
[quote]”This additional investment by La Mancha, which has to-date injected approximately $190 million in Endeavour Mining, further demonstrates its long-term support and its strong conviction in our ability to continue to create shareholder value,” states Endeavour president and CEO Sébastien de Montessus.
“With this increased financial flexibility, we are well-positioned to progress our upcoming organic growth opportunities, which include both the Ity CIL project and our ambitious five-year exploration programme.”
Pursuant to the placement, La Mancha will acquire 2 573 372 common shares of Endeavour Mining at the 20-day volume weighted average price.
Prior to the placement, La Mancha held 26 252 932 common shares of Endeavour mining, representing 28.06% of Endeavour’s outstanding common shares.
Following completion of the placement, La Mancha will hold 28 826 304 common shares, representing 29.99% of Endeavour’s common shares.
The proceeds of the placement are intended to be used to support Endeavour’s organic growth, notably the potential development of the Ity CIL project and its long-term exploration programme, as well as for general corporate purposes.
The placement is subject to the approval of the Toronto Stock Exchange.
Feature image credit: Endeavour Mining
(The Ity gold mine in Cote d’Ivoire)