JOHANNESBURG (miningweekly.com) – TSX-listed Endeavour Mining planned to raise C$125-million to expand current exploration programmes in West Africa in a deal with a syndicate of underwriters led by BMO Capital Markets.
The underwriters would buy, on a bought deal basis, some 6.25-million ordinary shares at $20 apiece, with an option to acquire a further up to 15% of the offering to cover overallotments, if any.
The net proceeds would be used to accelerate Endeavour's organic growth potential through the expansion of current exploration programmes, for the potential development of the Ity carbon-in-leach project and for general corporate purposes.
“The proceeds will also assist in maintaining a healthy balance sheet over the medium term with a sound liquidity position while implementing this organic growth strategy,” the company commented.
As part of the offering, La Mancha Holding would acquire a minimum of $15-million of common shares on the same terms and conditions.