Endeavour reports that Avnel shareholders approved the acquisition
(Thomson Reuters ONE) -
ENDEAVOUR REPORTS THAT AVNEL SHAREHOLDERS APPROVED THE ACQUISITION
View News Release in PDF Format
George Town, August 31, 2017 - Endeavour Mining Corporation ("Endeavour")
(TSX:EDV) (OTCQX:EDVMF) is pleased to announce that the shareholders of Avnel
Gold Mining Limited (TSX: AVK) ("Avnel") today approved the previously announced
proposed acquisition of Avnel by Endeavour.
The transaction is being implemented by way of a scheme of arrangement pursuant
to Part VIII of the Companies (Guernsey) Law, 2008 (the "Scheme"). A total of
99.37% of Scheme Shares were voted at the meeting and 88.89% of holders of
record of Scheme Shares voted in favour of the Scheme.
The number of Endeavour shares to be issued under the Scheme will be
approximately 7 million. Following the completion of the transaction, Endeavour
will have approximately 104 million ordinary shares issued, with former Avnel
shareholders holding approximately 6.8% of Endeavour's pro forma share capital.
Completion of the Scheme remains subject to certain conditions, including
sanction by the Royal Court of Guernsey. The transaction is expected to close on
September 18, 2017.
CONTACT INFORMATION
Martino De Ciccio DFH Public Affairs in Toronto
VP - Strategy & Investor Relations John Vincic, Senior Advisor
+ 44 203 011 2706 (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 across 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 and Ity CIL
projects are expected to lift Endeavour's group production to +900kozpa and
decrease its average AISC to circa $800/oz by 2019, 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.
View News Release in PDF Format:
http://hugin.info/171882/R/2130582/814064.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: 31.08.2017 - 20:37 Uhr
Sprache: Deutsch
News-ID 558505
Anzahl Zeichen: 7030
contact information:
Town:
George Town, Grand Cayman
Kategorie:
Business News
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"Endeavour reports that Avnel shareholders approved the acquisition"
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