Endeavour Obtains Further Support from La Mancha Through a Private Placement
(Thomson Reuters ONE) -
ENDEAVOUR OBTAINS FURTHER SUPPORT FROM LA MANCHA THROUGH A PRIVATE PLACEMENT
View News Release in PDF Format
George Town, April 17, 2017 - Endeavour Mining Corporation
(TSX:EDV)(OTCQX:EDVMF) ("Endeavour") is pleased to announce that its largest
shareholder, La Mancha Holding S.A.R.L. ("La Mancha"), has exercised its anti-
dilution right to re-increase its stake from its current 28.1% interest to its
initial 29.9% ownership position, by means of a C$63.4 million (approximately
US$47.5 million) private placement (the "Placement").
Sébastien de Montessus, President & CEO, stated: "This additional investment by
La Mancha, which has to-date injected approximately US$190 million in Endeavour,
further demonstrates its long-term support and its strong conviction in our
ability to continue to create shareholder value.
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 program."
Pursuant to the Placement, La Mancha will acquire 2,573,372 common shares of
Endeavour at the 20-day volume weighted average price ("VWAP") of C$24.62 per
common share. Prior to the Placement, La Mancha held 26,252,932 common shares of
Endeavour, 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 program, as well as for general corporate purposes.
The Placement is subject to the approval of the Toronto Stock Exchange.
CONTACT INFORMATION
Martino De Ciccio DFH Public Affairs in Toronto
VP - Strategy & Investor Relations John Vincic, Senior Advisor
+44 203 640 8665 (416) 206-0118 x.224
mdeciccio(at)endeavourmining.com jvincic(at)dfhpublicaffairs.com
Brunswick Group LLP in London
Carole Cable, Partner
+44 7974 982 458
ccable(at)brunswickgroup.com
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining is a TSX-listed intermediate gold producer, focused on
developing a portfolio of high quality mines in the prolific West-African
region, where it has established a solid operational and construction track
record.
Endeavour is ideally positioned as the major pure West-African multi-operation
gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity),
Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2017, it expects to
produce between 600koz and 640koz at an AISC of US$860 to US$905/oz. Endeavour
is currently building its Houndé project in Burkina Faso, which is expected to
commence production in Q4-2017 and to become its flagship low-cost mine with an
average annual production of 190koz at an AISC of US$709/oz over an initial 10-
year mine life based on reserves. The development of the Houndé project is
expected to lift Endeavour's group production +900kozpa and decrease its average
AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives
to +10 years.
Corporate Office: 5 Young St, Kensington, London W8 5EH, UK
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. AISC,
all-in sustaining costs at the mine level, cash costs, operating EBITDA, all-in
sustaining margin, free cash flow, net free cash flow, free cash flow per share,
net debt, and adjusted earnings are non-GAAP financial performance measures with
no standard meaning under IFRS, further discussed in the section Non-GAAP
Measures in the most recently filed Management Discussion and Analysis.
View News Release in PDF Format:
http://hugin.info/171882/R/2096274/793143.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Endeavour Mining Corporation via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 17.04.2017 - 14:41 Uhr
Sprache: Deutsch
News-ID 536531
Anzahl Zeichen: 7824
contact information:
Town:
George Town, Grand Cayman
Kategorie:
Business News
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"Endeavour Obtains Further Support from La Mancha Through a Private Placement"
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