Endeavour Silver Boosts Capital with Over-Allotment Sale
Endeavour Silver Rounds Out Successful Capital Raise
Vancouver, British Columbia – Endeavour Silver Corp. (“Endeavour” or the “Company”) (TSX: EDR, NYSE: EXK) is thrilled to share it has successfully closed the full exercise of the over-allotment option on its recent common share offering. This strategic move has resulted in the acquisition of an additional 1,285,000 Common Shares at a price of US$3.88 each, translating into added gross proceeds of approximately US$4,985,800. With this, the total gross proceeds from the offering have reached around US$50 million.
Leading Underwriters Propel the Offering
The offering was steered by BMO Capital Markets as the sole bookrunner, supported by a syndicate that included TD Securities Inc. and Raymond James Ltd. Their expertise and confidence in Endeavour’s growth trajectory have played a crucial role in successfully closing this phase of financing.
Utilizing Proceeds for Strategic Acquisitions
The significant funds garnered from this offering are earmarked for supporting the Company’s acquisition of Compañia Minera Kolpa S.A., particularly its flagship asset, the Huachocolpa Uno Mine, which is a vital piece in Endeavour's strategic puzzle. The anticipated transaction carries a total consideration of US$145 million. In the event there are unforeseen circumstances that impede the completion of this transaction, Endeavour retains flexibility regarding the application of these net proceeds, allowing the Company to adapt to market conditions.
Outlook for the Transaction
Satisfying regulatory approvals from both the Toronto Stock Exchange and the New York Stock Exchange is essential before finalizing this acquisition. Endeavour aims to conclude the transaction within a span of 60 days, provided all customary conditions are met.
Endeavour’s Commitment to Sustainable Mining
Endeavour Silver Corp. positions itself as a mid-tier precious metals company that prioritizes sustainability and responsible mining practices. By focusing on its operations in Mexico and developing a new cornerstone mine in Jalisco State, the Company endeavors to not only excel in producing silver but also create positive effects on local communities and the mining industry as a whole. The diverse exploration portfolio across Mexico, Chile, and the United States furthers Endeavour's ambition of becoming a leading senior silver producer.
Engagement and Contact Information
To learn more about Endeavour’s operations or for investor relations inquiries, you can reach Allison Pettit, Director of Investor Relations, at Tel: (604) 640 4804. For written correspondence, Allison can be contacted via email at apettit@edrsilver.com.
Frequently Asked Questions
What led to the successful closing of the over-allotment option?
The favorable reception of Endeavour's recent share offering and the strong involvement of leading underwriters were key factors leading to the successful closing of the over-allotment option.
How will the proceeds from this offering be utilized?
The proceeds are primarily allocated for the acquisition of Compañia Minera Kolpa S.A. and the Huachocolpa Uno Mine, vital for Endeavour's expansion strategy.
When is the expected closing date for the transaction?
The transaction is expected to close within 60 days, subject to necessary regulatory approvals and customary closing conditions.
What is Endeavour’s approach to sustainable mining practices?
Endeavour Silver prioritizes sustainable and responsible mining, focusing on minimizing its environmental impact while positively contributing to local communities.
Who should be contacted for investor inquiries?
Allison Pettit, Director of Investor Relations, can be reached at (604) 640 4804 for any investor inquiries.
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