Endeavour Mining (TSX: EDV) has completed the previously announced investment by La Mancha Holding – a business owned by the Sawiris Family of Egypt.
Endeavour issued a total of 8.9 million ordinary shares to La Mancha for aggregate net proceeds of US$200 million at a price of approximately US$22.45 per share.
The investment, which was announced as part of the acquisition of Teranga Gold in November is being made by La Mancha under its pre-existing anti-dilution right.
Following completion of the investment, Endeavour now has 252.5 million shares outstanding with La Mancha holding an interest of approximately 19%.
Midday Wednesday, Endeavour’s stock was up 5% on the TSE. The company has a $6.2-billion market capitalization.
This story first appeared on www.MINING.com.