Endeavour Mining Corporation

Free
Message: Endeavour Mining Corporation: ENDEAVOUR NOTES EXTENSION OF PUSU DEADLINE AT THE REQUEST OF CENTAMIN

 

2019-12-23 12:06:01 PM ET (Globe Newswire)
   
   

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

THIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER PURSUANT TO RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE"). IT DOES NOT REPRESENT A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. ACCORDINGLY, THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL ULTIMATELY BE MADE.

FOR IMMEDIATE RELEASE.

ENDEAVOUR NOTES EXTENSION OF PUSU DEADLINE

AT THE REQUEST OF CENTAMIN

George Town, December 23, 2019 - Endeavour Mining Corporation (TSX:EDV) (OTCQX:EDVMF) ("Endeavour") notes the announcement of Centamin plc ("Centamin") made earlier today, confirming that, following the reciprocal exchange of certain due diligence information, Centamin made a request to the Panel on Takeovers and Mergers (the "Panel") to grant an extension to the deadline by which Endeavour is required to either announce a firm intention to make an offer for Centamin under Rule 2.7 of the City Code on Takeovers and Mergers (the "Code") or announce that it does not intend to make an offer for Centamin. The requested extension has been granted by the Panel to January 14, 2020.

Accordingly, Endeavour is now required, by not later than 5.00pm on January 14, 2020, either to announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be further extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

On December 19, 2019, Endeavour announced that it had executed a standstill undertaking in favour of Centamin, pursuant to which it has agreed, among other things, not to announce a firm intention to make an offer for Centamin under Rule 2.7 of the Code unless the offer is consented to or recommended by the Board of Centamin.

Endeavour continues to believe in the strategic merits of a merger with Centamin for both sets of shareholders, and welcomes the extension of the PUSU deadline announced by Centamin, which will allow both parties to commence their due diligence investigations.

A further announcement will be made when appropriate.

CONTACT INFORMATION

Martino De Ciccio                                              Brunswick Group LLP in London
VP - Strategy & Investor Relations                Carole Cable, David Litterick
+44 (0) 203 011 2719                                           +44 (0) 20 7404 5959
[email protected]
HSBC Bank plc (Lead Financial Advisor to Endeavour)            Gleacher Shacklock (Financial Advisor to Endeavour)
Anthony Parsons, Laurent Charbonnier, Sam Barnett, Alex Thomas Jan Sanders
+44 (0) 20 7991 8888                                           +44 (0) 20 7484 1150
Scotiabank (Financial Advisor to Endeavour)                    Vincic Advisors in Toronto
Sergei Chinkis, Peter Collibee              John Vincic
+1 416 863 7411                                                +1 647 402 6375
                                                               [email protected]
Numis Securities Limited (UK Corporate Broker to Endeavour)     
John Prior, Paul Gillam, Alamgir Ahmed
+44 (0) 20 7260 1000

HSBC Bank plc, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting as financial adviser to Endeavour Mining Corporation and no one else in connection with the matters described in this Announcement and will not be responsible to anyone other than Endeavour Mining Corporation for providing the protections afforded to clients of HSBC, or for providing advice in connection with the matters referred to herein. Neither HSBC nor any of its subsidiaries or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of HSBC in connection with this Announcement or any matter referred to herein.

Gleacher Shacklock LLP ("Gleacher Shacklock"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Endeavour and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than Endeavour for providing the protections offered to clients of Gleacher Shacklock or for providing advice in relation to the contents of this announcement or any matters referred to herein.

Scotiabank Europe plc ("Scotiabank"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority is acting as financial adviser to Endeavour and no one else in connection with the matters described in this Announcement and will not be responsible to anyone other than Endeavour for providing the protections afforded to clients of Scotiabank, or for providing advice in connection with the matters referred to herein. Neither Scotiabank nor affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, in contract, in tort, under statute or otherwise) to any person who is not a client of Scotiabank in connection with this Announcement or any matter referred to herein.

Numis Securities Limited ("Numis"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority ("FCA"), is acting as UK Corporate Broker exclusively for Endeavour Mining Corporation and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Endeavour Mining Corporation for providing the protections afforded to clients of Numis, nor for providing advice in relation to any matter referred to herein.

Publication on Website

A copy of this announcement will be made available subject to certain restrictions relating to persons resident in restricted jurisdictions on Endeavour's website at https://www.endeavourmining.com/Home/default.aspx by no later than 12 noon (London time) on December 24, 2019.

ABOUT ENDEAVOUR MINING CORPORATION

Endeavour Mining Corporation is a TSX listed intermediate African gold producer with a solid track record of operational excellence, project development and exploration in the highly prospective Birimian greenstone belt in West Africa. Endeavour is focused on offering both near-term and long-term growth opportunities with its project pipeline and its exploration strategy, while generating immediate cash flow from its operations. Endeavour operates 4 mines across Cote d'Ivoire (Agbaou and Ity) and Burkina Faso (Hounde and Karma). For more information, please visit www.endeavourmining.com.

Corporate Office: 5 Young St, Kensington, London W8 5EH, UK

ABOUT CENTAMIN PLC

Centamin plc is a mineral exploration, development and mining company, dual listed on the London and Toronto Stock Exchange. Its principal asset, the Sukari Gold Mine ("SGM"), is located in the Eastern Desert approximately 700 kilometers from Cairo and 25 kilometers from the Red Sea. SGM began production in 2009 and is the first large scale modern gold mine in Egypt. SGM is jointly owned by Pharaoh Gold Mines NL and Egyptian Mineral Resource Authority. In addition to the SGM production asset, Centamin has a number of exploration projects, the most advanced of which are located in highly prospective regions within Cote d'Ivoire and Burkina Faso. The company's exploration licence holdings include 2,721 km2 in Cote d'Ivoire and 1,850 km2 in Burkina Faso.

Notice to US Investors

Any securities referred to in this announcement have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, in or into the United States or to US Persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.

Any possible offer, if made, would be to acquire the securities of a Jersey company listed on the London and Toronto Stock Exchange. Accordingly, any possible offer would be subject to disclosure requirements and practices applicable in Jersey, the UK and Canada which differ from the disclosure requirements of US tender offer rules. In addition, any financial information would be prepared in accordance with International Financial Reporting Standards and thus may not be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States. If any possible offer is made by way of a takeover offer, that offer would be made in compliance with the applicable US laws and regulations.

It may be difficult for US holders of Centamin shares to enforce their rights and claims arising out of the US federal securities laws, since Endeavour and Centamin are located in a country other than the United States, and some or all of their officers and directors may be residents of a country other than the United States. US holders of Centamin shares may not be able to sue a non-US company or its officers or directors in a non-US court for violations of the US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court's judgement.

Forward-Looking Statements

This announcement contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availabi lity, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour and Centamin operate. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, ther e may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Endeavour does not undertake to update any forward-looking statements, other than as required by relevant securities laws.

Attachment

- ENDEAVOUR NOTES EXTENSION OF PUSU DEADLINE

Share
New Message
Please login to post a reply