Africa-focused miner Endeavour Mining has completed the previously announced investment by La Mancha Holding - a business owned by the Sawiris Family of Egypt.
Endeavour issued 8.91-million ordinary shares to La Mancha for aggregate net proceeds of $200-million at $22.45 a share, or C$29.36 a share.
The investment, which was announced as part of the acquisition of Teranga Gold in November last year, is being made by La Mancha under its pre-existing anti-dilution right. Upon completion of the investment, La Mancha’s future anti-dilution rights have now been extinguished.
La Mancha holds an interest of about 19% in Endeavour Mining.