Endeavour acquires 37.88% interest in Crew Gold Corporation
GEORGE TOWN, Grand Cayman,
Neil Woodyer, Chief Executive Officer of Endeavour stated: "We've now made our second equity investment as part of our gold-focused strategy and now have significant equity positions in two West African gold producers, Etruscan Resources Inc. (EET.TSX) and Crew Gold (CRU.TSX; CRU.OSE). Crew's LEFA Gold Mine, in the Republic of
Cameron Belsher, Chairman of Crew Gold stated: "I am delighted to have Endeavour as a key shareholder and long-term strategic partner. Having recently re-structured our balance sheet and stabilized our shareholder base, we now have a foundation from which we can deliver Crew's full growth potential. Endeavour brings both strategic and financial strength to assist us in achieving our growth."
Three directors of Crew will resign from the board and will be replaced by three Endeavour nominees, including Neil Woodyer and Frank Giustra.
LEFA Corridor Gold Project, Republic of
The LEFA Corridor Gold Project is located approximately 700km northeast of
The estimated mineral reserves of the LEFA Gold Mine as at
Endeavour's Gold Investment Strategy
Endeavour has a gold-focused investment strategy to create value through timely strategic investments in gold producers, and a vision to ultimately create an intermediate sized gold company.
The Corporation's management team believes in long-term rising gold prices and sees investment opportunity in companies like Crew Gold, which have quality underlying resource assets but which face short-term operational or financial challenges.
Early Warning Disclosure
Endeavour acquired 810,083,211 common shares of Crew Gold Corporation, representing 37.88% of the issued and outstanding shares of Crew Gold. No shares of Crew Gold were previously owned by Endeavour.
The securities were acquired by Endeavour for investment purposes. While the Corporation does not currently have any intention to acquire further securities of Crew Gold Corporation, Endeavour may in the future acquire or dispose of securities of Crew Gold Corporation through the market or otherwise as circumstances or market conditions warrant.
About Endeavour Financial Corporation
Endeavour is an independent merchant banking company focused on the global natural resources sector. The Corporation offers advisory services in project, corporate and debt capital markets; equity financings; mergers and acquisitions; and strategic business development. Endeavour also has a gold-focused investment strategy and seeks maximum returns by identifying, investing in and consolidating junior gold companies.
Endeavour Financial Corporation is listed on the
For additional information, please visit our corporate website, www.endeavourfinancial.com
On behalf of Endeavour Financial Corporation "Bill Koutsouras" Bill Koutsouras Executive Vice President & Chief Financial Officer
The
For further information: Dr. Sally Eyre, Director Marketing & Business Development, (604) 609-6129 or Vanguard Shareholder Solutions, 1-866-341-4111 or (604) 608-0824
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