Endeavour and True Gold Shareholders Approve Acquisition Transaction
(Thomson Reuters ONE) -
Endeavour and True Gold Shareholders Approve Acquisition Transaction
View News Release in PDF Format
George Town, April 21, 2016 - Endeavour Mining Corporation ("Endeavour") (TSX:
EDV) (OTCQX: EDVMF) is pleased to announce that at its special shareholder
meeting held today, the company's shareholders approved the issuance of up to
18,945,248 new shares to shareholders of True Gold Inc. ("True Gold") (TSX-V:
TGM) as previously announced in connection with the True Gold plan of
arrangement (the "Arrangement"). Similarly, True Gold shareholders have approved
the Arrangement at a special meeting held today.
Neil Woodyer, CEO of Endeavour, stated: "The Board would like to thank
Endeavour's shareholders for their continued strong support. We look forward to
closing the True Gold transaction next week and expect then swiftly to integrate
the Karma mine into our portfolio. Following the first gold pour last week, the
operational ramp-up is progressing well and commercial production is scheduled
to begin in June. We expect to communicate our updated production guidance for
2016, inclusive of Karma, with our second quarter results."
The closing, and effective date of the Arrangement is expected to occur on April
26, 2016. The Arrangement is subject to final approval by the TSX Venture
Exchange and the Supreme Court of British Columbia whose hearing for the final
order to approve the Arrangement is scheduled to take place on April 22, 2016.
On closing of the Arrangement, True Gold Shareholders will receive 0.044 of an
Endeavour common share for each True Gold common share held.
At the special shareholder meeting, Endeavour shareholders also approved (i) the
issuance of up to 1,642,736 new shares to La Mancha Holding S.àr.l. ("La
Mancha") in addition to the up to 5,904,039 new shares being issued to La Mancha
pursuant to its anti-dilution right for proceeds of C$82.6 million, as well as
(ii) the increase in the authorized share capital, as set out in Endeavour's
management information circular dated March 15, 2016, which is available at
www.sedar.com.
The total votes received at the special shareholder meeting, being 34,437,995,
represent 58.31% of Endeavour's issued and outstanding ordinary shares.
Details of the vote are set out below:
Resolutions Votes For % For Votes Against % Against
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1. Plan of Arrangement with True 34,376,768 99.82% 61,227 0.18%
Gold
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2. La Mancha Placement* 16,664,262 99.60% 67,576 0.40%
-------------------------------------------------------------------------------
3. Increase in the authorized share 34,215,232 99.35% 221,304 0.64%
capital
-------------------------------------------------------------------------------
*As an interested party, La Mancha did not vote on this resolution.
Contact Information
Vincent Benoit DFH Public Affairs in Toronto
EVP-Strategy & Business Development John Vincic
+33 (0)1 70 38 36 96 (416) 206-0118 x.224
vbenoit(at)endeavourmining.com jvincic(at)dfhpublicaffairs.com
Martino De Ciccio Brunswick Group LLP in London
VP-Strategy & Investor Relations Carole Cable, Partner
+33 (0)1 70 38 36 95 +44 7974 982 458
mdeciccio(at)endeavourmining.com ccable(at)brunswickgroup.com
About Endeavour Mining Corporation
Endeavour Mining is a TSX-listed intermediate gold mining company which operates
4 West African mines in Côte d'Ivoire, Mali, and Ghana. In 2016, it expects to
produce between 535,000 and 560,000 ounces at an all-in sustaining cost of
US$870 to US$920 per ounce, excluding the Karma mine (where the transaction with
True Gold is expected to close at the end of April 2016). Endeavour Mining is
focused on effectively managing its existing assets to maximize cash flow as
well as pursuing organic and strategic growth opportunities that benefit from
its management and operational expertise.
Endeavour Mining | Executive Office | Bureau 76, 7 Boulevard des Moulins, Monaco
98000
This news release contains "forward-looking statements" including but not
limited to, statements with respect to Endeavour's plans and operating
performance, the estimation of mineral reserves and resources, the timing and
amount of estimated future production, costs of future production, future
capital expenditures, and the success of exploration activities. Generally,
these forward-looking statements can be identified by the use of forward-looking
terminology such as "expects", "expected", "budgeted", "forecasts" and
"anticipates". Forward-looking statements, while based on management's best
estimates and assumptions, are subject to risks and uncertainties that may cause
actual results to be materially different from those expressed or implied by
such forward-looking statements, including but not limited to: risks related to
the successful integration of acquisitions; risks related to international
operations; risks related to general economic conditions and credit
availability, actual results of current exploration activities, unanticipated
reclamation expenses; changes in project parameters as plans continue to be
refined; fluctuations in prices of metals including gold; fluctuations in
foreign currency exchange rates, increases in market prices of mining
consumables, possible variations in ore reserves, grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated; accidents,
labour disputes, title disputes, claims and limitations on insurance coverage
and other risks of the mining industry; delays in the completion of development
or construction activities, changes in national and local government regulation
of mining operations, tax rules and regulations, and political and economic
developments in countries in which Endeavour operates. Although Endeavour has
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there may
be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Please refer to Endeavour's most recent
Annual Information Form filed under its profile at www.sedar.com for further
information respecting the risks affecting Endeavour and its business.
View News Release in PDF Format:
http://hugin.info/171882/R/2005761/740981.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Endeavour Mining Corporation via GlobeNewswire
[HUG#2005761]
Unternehmensinformation / Kurzprofil:
Datum: 21.04.2016 - 20:00 Uhr
Sprache: Deutsch
News-ID 465775
Anzahl Zeichen: 8437
contact information:
Town:
George Town, Grand Cayman
Kategorie:
Business News
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