Endeavour Raises CA $9.9 Million in Private Placement Financings
Endeavour Gold Corp. (EDR:TSX-V) announces that it has now raised CA $9.9 million in private placement financings and received regulatory approval, subject to filing final documentation.
The company issued 4,622,500 units at CA $1.60 per unit to raise CA $7,396,006 in a brokered private placement, with Canaccord Capital and Dundee Securities acting as agents for the offering. An additional 400,000 units for CA $640,000 has been committed and is expected to close shortly.
Endeavour also raised $1,880,000 through a non-brokered private placement by issuing 1,175,000 units on similar terms to the brokered offering. Canarc Resource Corp. and Bradford Cooke as insiders both participated in the offerings as to 400,000 units each.
Each unit consists of one common share and one half common share purchase warrant, each full warrant being exercisable to purchase an additional common share at $2.00 within an 18 month period expiring October 22, 2005. The proceeds will be added to working capital and used in part to fund the acquisition of the Santa Cruz mine and the Guanacevi processing plant.
The company and the Vendors are presently finalizing all formal documents related in this acquisition and expect to close the transaction shortly. Endeavour holds an option to purchase up to 100% of the assets of Metalurgica Guanacevi and the shares of Minera Santa Cruz y Garibaldi.
Endeavour Gold Corp.(EDR: TSX-V) is a small-cap exploration and mining company focused on aggressively expanding its portfolio of high grade silver-gold properties, reserves and production in Mexico. Canarc Resource Corp. holds a minority shareholding in the company and helps manage the affairs of Endeavour.
On Behalf of the Board of Directors,
ENDEAVOUR GOLD CORP.
"Bradford J. Cooke"
Bradford J. Cooke
President and CEO
Suite 800-850 West Hastings Street, Vancouver, BC Canada V6C 1E1
Toll Free: 1-877-685-9775(Canada and US) Phone: (604) 685-9775 Fax: (604) 685-9744
Trading Symbol: TSX:V: EDR
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