Silver Producer Focused on Growth - Mexico
Three producing silver mines/mills in Mexico, the Guanacevi Mine in Durango State and the Bolanitos and El Cubo in Guanajuato. Production forcast for 2013: 8M Oz Eq @ 8-9$/Oz
Message: Closes CA$3 Million in Two Private Placement
| December 31, 2008 |
| Endeavour Silver Closes CA$3 Million in Two Private Placement Financings |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 31, 2008) - NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES Endeavour Silver Corp. (TSX:EDR)(NYSE Alternext US:EXK)(DBFrankfurt:EJD) announces that it has closed CA$3 million in two private placement financings totaling 2,311,540 special warrants at CA$1.30 each. Salman Partners is the lead agent for the Company brokered the private placement of 1.775 million special warrants for gross proceeds of CA$2.3 million. An additional 536,540 special warrants were placed privately in a non-brokered financing for gross proceeds of approximately CA$700,000. Each special warrant is exchangeable for one common share and one half share purchase warrant. Each full share purchase warrant can be exercised to purchase an additional common share at an exercise price of CA$1.90 per share within a 5 year period from the earlier of the closing of the placement plus 60 days, or from the issuance of a final receipt for a prospectus to qualify the special warrants in all relevant Canadian jurisdictions. The agents received a 6% agents fee amounting to CA$138,450 and 106,500 brokers' special warrants. An additional CA$32,880 plus 25,292 finders' special warrants was paid to a finder as a 6% finders fee on a portion of the non-brokered private placement. Bradford Cooke, Chairman and CEO of Endeavour Silver Corp., participated in the non-brokered private placement for 115,000 units. The net proceeds of the financing will be added to working capital to fund the Company's operating and capital plans at its two producing silver mines in Mexico and to provide additional capital for possible acquisitions in 2009. The aforementioned securities will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). This news release shall not constitute an offer to sell or an offer to buy the securities in any jurisdiction. Endeavour Silver Corp. (TSX:EDR)(NYSE Alternext US:EXK)(DBFrankfurt:EJD) is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. The expansion programs now underway at Endeavour's two operating mines, Guanacevi in Durango and the Guanajuato Project in State, coupled with the Company's aggressive acquisition and exploration programs in Mexico should enable Endeavour to join the ranks of mid-tier primary silver producers. ENDEAVOUR SILVER CORP. Bradford Cooke, Chairman and CEO |
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