Endeavour completes Teranga acquisition; Teranga to delist from TSX, OTCQX

Endeavour Mining Corp. has completed the acquisition of Teranga Gold Corp., with the aim to create a top 10 global gold producer, both parties said in separate statements Feb. 10.

Endeavour exchanged 0.47 of a share for every Teranga share, resulting in the issuance of 78,766,690 Endeavour shares. Endeavour now has a total of 243,006,939 shares outstanding.

Teranga's shares will be delisted from the TSX and the OTCQX on or about Feb. 16.

Along with the completion of the acquisition, Endeavour has closed an $800 million debt refinancing package, comprising an extended existing $430 million revolving credit facility and a $370 million bridge facility, proceeds of which have been used to retire Teranga's various higher-cost debt facilities. Endeavour intends to downsize its bridge and/or revolving credit facilities following the closing of the $200 million La Mancha Holding SARL investment, expected in the first quarter.

Meanwhile, Hélène Cartier has retired from Endeavour's board of directors. Teranga nominees William Biggar, Frank Wheatley and David Mimran are joining Endeavour's board.