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ENDEAVOUR'S OWNERSHIP OF NAMIBIA RARE EARTHS INC. 41% AFTER INITIAL PUBLIC OFFERING
Apr. 18, 2011 (Canada NewsWire Group) -- Toronto Stock Exchange: EDV GEORGE TOWN, Grand...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\n\n Apr. 18, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nToronto Stock Exchange: EDV\n\n\nGEORGE TOWN, Grand Cayman, April 18 /CNW/ - Endeavour Mining Corporation\n ("Endeavour")(TSX: EDV) announces that as a result of Namibia Rare\n Earths Inc. ("NREI") completing its initial public offering which\n raised gross proceeds of CDN$25 million, Endeavour's ownership of\n 30,000,000 common shares of NREI now represents 41% of NREI's issued\n and outstanding common shares. These shares were acquired by Endeavour\n in April 2010 as part of a corporate restructuring of Endeavour's\n holdings of its rare earth assets.  As a gold producer, Endeavour is\n pleased with the opportunity to unlock the value of the Lofdal Rare\n Earth Project through the creation of an independent publicly-listed\n company.  NREI began trading on the Toronto Stock Exchange under the\n symbol "NRE" and closed on April 15, 2011 at CDN$0.81, which values\n Endeavour's 41% holding at CDN$24.3 million.\n\n\nPursuant to National Policy 46-201 - Escrow for Initial Public Offerings, Endeavour entered into an escrow agreement with NREI, Computershare\n and certain other principals of NREI whereby Endeavour agreed that its\n holdings in NREI would be escrowed with 25% of its escrowed shares\n being released upon NREI listing its shares on a Canadian stock\n exchange (which occurred on April 14, 2011), and the balance being\n released in three equal tranches on the 6, 12, an...