EDR:CC - Endeavour Silver rings up $40M bought deal financing

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."

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Endeavour Silver rings up $40M bought deal financing