leadf
logo-loader
viewEndeavour Mining Corp

Endeavour Mining expects to close SEMAFO acquisition at beginning of July

On May 26, Endeavour reported that its shareholders had voted “overwhelmingly” in favour of the deal

Endeavour Mining Corp -
Endeavour’s four mines are the Agbaou and Ity projects in Côte d’Ivoire and the Houndé and Karma operations in Burkina Faso

Endeavour Mining Corporation (TSE:EDV) (OTCQX:EDVMF) said all the required regulatory approvals for its previously announced acquisition of SEMAFO had been received and it expects to close the transaction on or around July 1.

In a brief statement on Friday, the miner said it had  received a notice from the Minister of Innovation, Science and Industry stating no order for a national security review of the acquisition will be made under the Investment Canada Act.

READ: Endeavour Mining shareholders vote overwhelmingly in favour of SEMAFO merger

On May 26 this year, Endeavour reported that its shareholders have voted “overwhelmingly” in favour of  the SEMAFOR  deal announced in March.

The C$1 billion transaction brings together six mines with strong cash flow into one portfolio, the opportunity to optimize assets, and a growth pipeline to create a leading West Africa-based gold producer generating over 1 million ounces a year.

According to teh company, over 99.9% of Endeavour’s shareholders, or 91.9 million votes, are in favour of the merger. Both of the company’s boards have unanimously approved the transaction.

Intermediate producer SEMAFO operates the Mana and Boungou mines in Burkina Faso, while Endeavour’s four mines include the Agbaou and Ity projects in Côte d’Ivoire and the Houndé and Karma operations in Burkina Faso.

In Friday's statement, Endeavour also told  investors that the US$100 million La Mancha investment into the company was expected to close on or around July 3 this year.

Endeavour Mining shares nudged up in Toronto 0.21% to C$32.68.

Contact the author at giles@proactiveinvstors.com

Quick facts: Endeavour Mining Corp

Price: 37.08 CAD

TSX:EDV
Market: TSX
Market Cap: $6.05 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Endeavour Mining Corp named herein, including the promotion by the Company of Endeavour Mining Corp in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Endeavour Mining's head of exploration and growth details his 2019 ambitions

Patrick Bouisset, executive vice president of exploration and growth at Endeavour Mining  Corporation (TSE:EDV), speaks to Proactive's Andrew Scott while in London. The miner has five operating mines in the Birimian greenstone belt - in the Ivory Coast, it has the Agbaou and Ity...

on 24/5/19

2 min read