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.
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 firstname.lastname@example.org