Endeavour Mining Corp. said April 17 that its largest shareholder, La Mancha Holding SARL, exercised, through a C$63.4 million private placement, its anti-dilution right to increase its current 28.1% interest in the miner to its initial 29.9% ownership position.
Under the placement, La Mancha will acquire 2,573,372 common Endeavour shares at C$24.62 apiece, boosting its stake to 29.99% with 28,826,304 common shares.
The placement, which remains subject to Toronto Stock Exchange approval, will increase La Mancha's investment in Endeavour to about US$190 million.
Endeavour will use the proceeds to support organic growth, including the potential development of a carbon-in-leach project at the Ity gold operation in Ivory Coast and a five-year exploration program, as well as for general working capital.
The company outlined plans in March to increase its interest in the Ity mine from 55% to 80%.