Business
ENDEAVOUR AGREES TO SELL 43% INTEREST IN CREW GOLD FOR US$215 MILLION CASH
ENDEAVOUR AGREES TO SELL 43% INTEREST IN CREW GOLD FOR US$215 MILLION CASH
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\n\n\n Sep. 13, 2010 (Canada NewsWire Group) -- \n\nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nToronto Stock Exchange: EDV\n\nGEORGE TOWN, Grand Cayman, Sept. 13 /CNW/ - Endeavour Financial Corporation ("Endeavour") is pleased to announce that its wholly owned subsidiary, Endeavour Gold Luxembourg SARL, has signed a binding agreement for the sale of 46,203,403 common shares of Crew Gold Corporation ("Crew Gold") representing a 43% interest to Severstal Gold N.V. for US$215 million in cash. Endeavour had acquired its investment in Crew Gold at a total cost of US$134.5 million such that the sale of this investment realizes a profit of US$80.5 million at an annualized return on investment of 124%. Closing of the sale is anticipated to occur within the next forty eight hours.\nNeil Woodyer, Chief Executive Officer commented: "Endeavour has accepted the opportunity to exit its investment in Crew Gold at a significant profit which is a superior alternative to remaining in a minority shareholder position. The capital derived from monetizing this investment will be used to fund our growth and build value for Endeavour shareholders. Following this transaction Endeavour has approximately US$180 million of cash and access to a US$100 million Acquisition Facility. We are now in a position to aggressively seek acquisition opportunities in the gold sector."\n\nAbout Endeavour Financial Corporation\n\nEndeavour is a gold producer. Endeavour holds an extensive exploration land position and various advanced-staged development gold projects in West Africa. Endeavour has a global strategy, supported by financial resources and management's company building expertise, to grow into an intermediate gold producer through strategic acquisitions.\nThe common shares of Endeavour are traded on the Toronto Stock Exchange under the symbol "EDV".\n\n\n >\n\n\nThe Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accura...