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Endeavour Mining To Combine with SEMAFO to create a leading West African Gold Producer
All $ amounts are in US dollars unless otherwise stated ENDEAVOUR TO COMBINE WITH SEMAFO TO CREATE A LEADING WEST AFRICAN GOLD PRODUCER Creates top 15 global go
About this update from Endeavour Mining Plc
[{"type":"text","content":"All $ amounts are in US dollars unless otherwise stated ENDEAVOUR TO COMBINE WITH SEMAFO TO CREATE A LEADING WEST AFRICAN GOLD PRODUCER Creates top 15 global gold producer with +1 million ounces of gold production per year Creates a leading West African gold producer with six operations and an attractive growth pipeline Strengthens strategic positioning and enhances ability to manage risks Offers ability to deliver significant synergies at corporate, country and asset level Enhances capital market profile with greater ability to fund growth Exchange ratio of 0.1422x represents a 27.2% premium to the 20-day VWAP for SEMAFO and is accretive on all metrics to Endeavour Combined management team leverages the strong skillsets of both companies La Mancha strongly supports the transaction and commits to inject $100 million in the combined entity George Town & Montreal, March 23, 2020 – Endeavour Mining Corporation (TSX:EDV) (OTCQX:EDVMF) (“Endeavour”) and SEMAFO Inc. (TSX, OMX: SMF) (“SEMAFO”) are pleased to announce that they have entered into a definitive agreement (the “Arrangement Agreement”) whereby Endeavour will acquire all of the issued and outstanding securities of SEMAFO by way of a Plan of Arrangement under the Business Corporations Act (Québec) (the “Transaction”). The Transaction will create a top 15 global gold producer and the largest in West Africa with six operations and an attractive growth pipeline. Due to the strong strategic rationale for local consolidation, both sets of Board of Directors have unanimously approved the Transaction. Management will host a joint conference call and webcast today, at 8:30am Toronto time, 12:30pm London time (information provided in the section below). Transaction Rationale: Creates a leading West African gold producer with enhanced strategic positioning and greater ability to manage risks while benefiting from significant synergies Strategically positioned as the largest gold producer in both Cote d’Ivoire and Burkina Faso, which account for two-thirds of the highly prospective West African Birimian Greenstone Belt Ability to leverage its size and established relationships in the region to become the partner of choice for governments and key stakeholders Consolidates the Houndé belt in Burkina Faso to create a world class mining district with two mines, exploration upside and str...