Business
Severstal and Endeavour Financial Reach Agreement for Building Value in Crew Gold Corporation
Severstal and Endeavour Financial Reach Agreement for Building Value in Crew Gold Corporation
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\n\n\n Jun. 1, 2010 (Canada NewsWire Group) -- Endeavour Withdraws Application to British Columbia Securities Commission and Allegations Against Severstal\n\n OAO Severstal ("Severstal") (LSE: SVST; RTS: CHMF) and its subsidiary Bluecone Limited, and Endeavour Financial Corporation (TSX: EDV) and its subsidiary Endeavour Financial Luxembourg SARL (collectively, "Endeavour") and Crew Gold Corporation ("Crew Gold") (TSX, OSE: CRU) are pleased to announce that Bluecone has entered into an agreement with Endeavour and Crew Gold with respect to the composition of the board of directors, and certain ongoing operational matters, of Crew Gold.\nAs a result of this agreement, the board of Crew Gold will be immediately reconstituted to consist of 9 directors, 4 of whom will be nominees of Endeavour, 3 of whom will be nominees of Bluecone and 2 of whom will be nominees of certain other shareholders. The parties have agreed to vote their shares to elect the same persons as directors at the annual and special meeting of Crew Gold shareholders scheduled to be held on June 29, 2010. As a result of this agreement, the board of Crew Gold will consist of the following persons:\n\nEndeavour Nominees\n------------------\nCameron Belsher, Chairman. Mr. Belsher is a senior partner at McCarthy Tétrault LLP (a law firm) since October 2007 specializing in mergers and acquisitions and corporate finance and has been a member of the Crew Gold Board since 2002.\n\nMichael Beckett. Mr. Beckett is the chairman of Endeavour, non-executive chairman of the Thomas Cook Group plc and serves as non-executive director of Northam Platinum Limited, Mvelaphanda Resources Limited, Orica Limited and Banro Corporation.\n\nFrank Giustra. Mr. Giustra is an exclusive advisor to Endeavour and president and CEO of Fiore Financial. He has spearheaded equity investments of more than $3 billion in the international resource sector and launched the Clinton Giustra Sustainable Growth Initiative (CGSGI) with President Bill Clinton in 2007.\n\nNeil Woodyer. Mr. Woodyer is a founding partner and Chief Executive Officer of Endeavour and is responsible for coordinating financial advisory mandates and investment-related services. He has 30 years' experience in natural resource marketing and finance and was CEO of Lloyds International Trading, a subsid...