JOHANNESBURG (miningweekly.com) - Investment firm Endeavour Financial Corporation announced on Monday that it planned to acquire the remaining 45% of the Etruscan Resources shares that it did not own.

Endeavour, who currently owns 55% of Etruscan, would acquire the remaining share through a court-approved arrangement. Under the arrangement, Etruscan shareholders would receive total consideration of C$0,48 a share, including C$0,26 in cash and the balance in Endeavour shares.

The cash component of the transaction would use about C$43-million of Endeavour's $100-million revolving acquisition facility announced on Friday.

Endeavour CEO Neil Woodyer said that the offer to Etruscan shareholders provided them with compelling value and allowed shareholders participation in Endeavour's value creating gold strategy.

"Acquiring the 45% minority interest in Etruscan is an exciting progression of our gold strategy. We have been active shareholders of Etruscan since October 2009 and have been pleased with the quality of Etruscan's producing and exploration assets and its management and operating teams."

On completion of the arrangement, Endeavour would own 100% of Etruscan and 43,21% of Crew Gold.

Endeavour's gold operations would include the combined planned production of around 350 000 oz/y of gold from Crew Gold's Lefa mine in Guinea and Etruscan's Youga mine in Burkina Faso.

Etruscan chairperson Gerald McConnell was pleased that the transaction gave Etruscan shareholders the opportunity to participate directly in Endeavour's broader growth strategy in the gold sector through exposure to additional gold assets and financial resources.

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