- Endeavour Mining (EDV) will indirectly acquire all of the common shares of Teranga Gold Corporation (TGZ)
- Both Endeavor and Teranga have now obtained shareholder approvals for the arrangement
- The transaction is expected to occur in the first half of February formally
- Approval is still needed under the Investment Canada Act
- Shares of Endeavour Mining are down 2.81 per cent on the day, and shares are at C$27.02 at 12:02 pm EST
Endeavour Mining (EDV) will indirectly acquire all of the common shares of Teranga Gold Corporation (TGZ).
Endeavour shareholders voted overwhelmingly in favour of the acquisition agreement.
Both Endeavour and Teranga have now obtained shareholder approvals for the arrangement.
Endeavour will now seek to secure the last material closing condition under the agreement, which is approved under the Investment Canada Act.
“We are pleased to have the continued strong support of our shareholders as we take this important step to create a new top 10 senior global gold producer which will offer a very appealing investment proposition,” said Endeavour President and CEO Sebastien de Montessus.
Montessus went on to say, “The combined entity will boast a high-quality portfolio of mines and projects, sustainable dividends, a healthy balance sheet, strong cash flow generation and an improved capital markets profile. We look forward to closing the transaction and quickly integrating our highly complementary assets to unlock the anticipated material synergies.”
The transaction is expected to formally occur in the first half of February 2021, assuming all the remaining customary conditions to the arrangement are satisfied or waived.
Endeavour Mining is a multi-asset gold producer focused on West Africa, with two mines in Côte d’Ivoire, four mines in Burkina Faso, four potential development projects and a portfolio of exploration assets on the highly prospective Birimian Greenstone Belt across Burkina Faso, Côte d’Ivoire, Mali and Guinea.
Shares of Endeavour Mining are down 2.81 per cent on the day and are trading at C$27.02 per share at 12:02 pm EST.