Toronto Stock Exchange: EDV
GEORGE TOWN, Grand Cayman, March 21 /CNW/ - Endeavour Mining Capital Corp. ("Endeavour" or "Corporation") today announced that it has received regulatory approval from The Toronto Stock Exchange ("TSX") to renew its normal course issuer bid to purchase its common shares through the facilities of the TSX for a further one-year period. The Corporations normal course issuer bid will now expire on April 2, 2008.
Under Endeavour's previously approved issuer bid, during the twelve-month period commencing April 3, 2006, an aggregate of 58,800 common shares were acquired at a weighted average price of $7.40. All such shares have either been cancelled or are in the process of being cancelled.
As approved by the TSX, during the period from April 3, 2007 to April 2, 2008, Endeavour is now authorized to acquire up to an additional 2,319,187 common shares representing approximately 10% of the public float of common shares. Any such purchases will be made at the prevailing market price at the time of such purchases in accordance with the requirements of TSX. Any shares so purchased by Endeavour will be cancelled. A total of 23,355,378 common shares were outstanding as of March 21, 2007.
The board of directors of the Corporation believes that the Corporation's common shares have been trading in a price range which does not adequately reflect their value in relation to the Corporation's unique business model and its future business prospects. In addition, the Corporation's book value is higher than the trading price. As a result, depending upon future price movements and other factors, the board of directors of the Corporation believes that the repurchase of the common shares of the Corporation are in the best interest of the Corporation and represent a desirable use of corporate funds.
Endeavour Mining Capital Corp. is a publicly traded merchant banking company focused on the global natural resources sector. As a venture-capitalist for resource based companies, the Corporation offers a unique combination of financial and intellectual capital to help build companies and create shareholder value. The Corporation has demonstrated a track-record of success and our shares are listed on the Toronto Stock Exchange under the symbol EDV.
For additional information, please visit our corporate website, www.endeavourminingcapital.com.
On behalf of Endeavour Mining Capital Corp.
Chief Financial Officer, Director & Secretary
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking statements relating to the future performance of Endeavour Mining Capital Corp. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Corporation's filings with the appropriate securities commissions.