Midtier precious metals miner Endeavour Silver on Tuesday announced a $40-million bought-deal financing, the proceeds of which it would use to pay the cash component of its Pitarrilla project acquisition.
Endeavour entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets and PI Financial, pursuant to which they had agreed to buy 8.08-million shares at $4.95 each.
Endeavour has to pay $35-million to SSR Mining for the acquisition of the Pitarrilla project, in Durango state, Mexico.
The offering is expected to close on or about March 21, and is subject to Endeavour receiving all necessary regulatory approvals and the approval of the TSX and the NYSE.