EXK - Why Endeavor Silver Stock Fell as Much as 14% Today
Shares of Endeavor Silver (NYSE: EXK) , a precious metals miner with exposure to both gold and silver , fell as much as 14% on March 16. Gold and silver prices were both under pressure today, which clearly didn't help investor sentiment. But the real driving force of the decline was probably an after-the-close news release from Endeavor on March 15.
In January, Endeavor Silver agreed to buy the Pitarrilla project in Mexico from SSR Mining (NASDAQ: SSRM) . The $70 million price tag was to be paid half in Endeavor stock with the remaining $35 million to be paid in either stock or cash, at SSR's discretion. In addition, SSR gets a royalty right on the project, which remains to be built. Yesterday's announcement basically means SSR chose cash, with Endeavor looking to sell shares in order to come up with the money.
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Why Endeavor Silver Stock Fell as Much as 14% Today