Thursday, June 24, 2021
Burkina FasoGoldM&A

Endeavour Mining closes C$1B Semafo deal, US$100M investment by La Mancha

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Endeavour Mining Corp. completed its C$1.0 billion acquisition of fellow Africa-focused gold miner Semafo Inc. and the US$100 million investment in the combined company by La Mancha Holding SARL.

Semafo shares will be delisted from the Toronto Stock Exchange around July 6, according to a July 2 news release.

The Endeavour Mining board is now composed of nine members, eight of which are independent directors and nonexecutive directors, with Sébastien de Montessus as executive director and CEO.

Benoit Desormeaux joined Endeavour as president, and Henri de Joux is interim CFO. Meanwhile, Olivier Colom and Wayne McManus retired from the board as Semafo nominees Helene Cartier and Tertius Zongo joined.

Endeavour Mining said it expects to add an additional independent nonexecutive director, to reflect Semafo’s entitlement to nominate three directors.

The company issued 4,507,720 ordinary shares to La Mancha at C$30.27 apiece under an anti-dilution right, with La Mancha’s interest decreasing to 24.1% from 31% to provide for a larger free float and greater stock liquidity, according to a July 3 release.

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