Endeavour Silver rings up $40M bought deal financing (NYSE:EXK)

Endeavour Silver rings up $40M bought deal financing (NYSE:EXK)

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Endeavour Silver (NYSE:EXK) -5.4% post-market after disclosing a bought-deal offering of slightly more than 8M shares priced at $4.95 for aggregate gross proceeds of ~US$40M, with an underwriters option to purchase up to an additional 15%.

Endeavour says it plans to use the net proceeds to fund the $35M payable to SSR Mining for the acquisition of the Pitarrilla project in Mexico, plus general corporate purposes.

Endeavour bought the Pitarrilla project two months ago for $35M in cash, $35M in shares and a 1.25% net smelter return royalty.

Seeking Alpha contributor Taylor Dart called Endeavour Silver’s move “a bold acquisition to boost the development pipeline.”

Originally Posted on: https://seekingalpha.com/news/3813866-endeavour-silver-rings-up-40m-bought-deal-financing?source=feed_tag_commodities
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