- Endeavour Silver (EDR) has reached an agreement to sell its El Cubo Mine in Guanajuato, Mexico to VanGold Mining
- The company will also be added to the S&P/TSX Composite and NYSE Arca Gold Miners (GDX ETF) indices
- The mine is being sold for $15 million in cash and share payments plus up to $3 million in contingent payments
- The company will abide by a 12-month restriction on the resale of any VanGold shares acquired in the transaction
- Endeavour Silver is up 1.43 per cent, trading at C$7.82 at 2:40 pm ET
Endeavour Silver (EDR) has reached an agreement to sell its El Cubo Mine in Guanajuato, Mexico to VanGold Mining.
The company will also be added to the S&P/TSX Composite and NYSE Arca Gold Miners (GDX ETF) indices.
Endeavour is selling the El Cubo Mine for $15 million in cash and share payments plus up to $3 million in contingent payments.
As part of the deal, Endeavour has agreed to abstain from voting its shares of VanGold, other than as recommended by VanGold’s management, for a period of two years from the closing date. It will also abide by a 12-month restriction on the resale of any VanGold shares acquired in this transaction.
The S&P/TSX Composite Index is the benchmark index for the Canadian equity market, and is the broadest measure of the S&P/TSX family, tracking approximately 250 companies.
The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of approximately 50 publicly-traded companies primarily involved in the mining of gold and silver globally, and it is the underlying index to the VanEck Vectors Gold Miners ETF (GDX).
“Inclusion in these two major indices is a great milestone for the Company, validating our recent success and providing greater visibility to investors. Constituents of these indices receive both an increase in the company profile and inclusion in mutual and pension funds that use these indices as benchmarks,” said Endeavour CEO Bradford Cooke.
Endeavour Silver Corp. is a mid-tier precious metals mining company that owns and operates three high-grade, underground, silver-gold mines in Mexico.
Endeavour Silver is up 1.43 per cent, trading at C$7.82 at 2:40 pm ET.