Endeavour reports that Avnel shareholders approved the acquisition
01 September 2017 - 4:37AM
YASTEST
ENDEAVOUR REPORTS THAT AVNEL SHAREHOLDERS APPROVED THE ACQUISITION
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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
VP - Strategy & Investor Relations
+ 44 203 011 2706
mdeciccio@endeavourmining.com |
DFH Public Affairs in
Toronto
John Vincic, Senior Advisor
(416) 206-0118 x.224
jvincic@dfhpublicaffairs.com
Brunswick Group LLP in London
Carole Cable, Partner
+44 7974 982 458
ccable@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.
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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
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