VANCOUVER (miningweekly.com) – Canadian gold producer Endeavour Mining has received a $47.5-million cash injection after its largest shareholder, Egyptian billionaire Naguib Sawiris's La Mancha Holding, exercised its anti-dilution right to increase its stake from its current 28.1% interest to its initial 29.9% ownership position.
"This additional investment by La Mancha, which has to date injected approximately $190-million in Endeavour, further demonstrates its long-term support and its strong conviction in our ability to continue to create shareholder value,” Endeavour president and CEO Sébastien de Montessus stated.
Endeavour advised that with this increased financial flexibility, it was well-positioned to progress its upcoming organic growth opportunities, which include both the Ity carbon-in-leach gold process plant and its ambitious five-year exploration programme.
Under terms of the private placement, La Mancha will acquire 2.57-million common shares of Endeavour at the 20-day volume-weighted average price of C$24.62 each.
The placement is subject to the approval of the TSX.