Vancouver’s Endeavour Mining Corp. (TSX:EDV, ASX:EVR), through its wholly owned subsidiary Endeavour Gold Corp., announced yesterday that it has acquired all the issued and outstanding common shares in Avion Gold Corp. (TSX:AVR).
Shareholders of both firms overwhelming approved the Endeavour takeover of Avion last Friday, in a deal originally valued at $389 million, reports MINING.com.
The takeover of Toronto-based Avion by Endeavour sees Avion shareholders receiving 0.365 of an Endeavour share for each of their shares.
Endeavour said that the combination, under which Avion will become a subsidiary, will help boost its gold output by about 50%. Both mining companies are focused on properties in West Africa.
In line with the growth of the business, Endeavour has expanded its board to eight from seven directors. John Begeman, the CEO and president of Avion and James H. Coleman, Q.C., the former chairman of Avion, have been appointed as new directors of Endeavour. Martin Reed has resigned from the Endeavour board.
Courtesy of MINING.com
