Endeavour increases interest in Ivory Coast mine to 85% in deal with soccer legend
Endeavour Mining Corp (TSE:EDV) said Friday that it has increased its ownership stake in the Ity mine to 85%.
The London-based miner said in a press release that in exchange for the additional 5% interest in the Ivory Coast mine, Endeavour granted DYD International Holding Ltd., a company owned by retired soccer star Didier Drogba, 1 million common shares.
READ: Endeavour Mining closes sale of Tabakoto gold mine in Mali
The total consideration is about US$15 million. The transaction was signed on December 21 and closed Thursday evening.
The Ivory Coast government owns 10% of the mine and a government-owned mining company owns the remaining 5% stake.
Endeavour Mining is active in the highly prospective Birimian greenstone belt in West Africa.
Shares of Endeavour slipped C$0.30 to C$21.44 in Friday’s Canadian trading.
Last month, the company said it had completed the sale of its interest in the Tabakoto mine in Mali to Algom Resources Ltd, a subsidiary of BCM International Ltd.
Contact Dennis Fitzgerald at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/212431/endeavour-increases-interest-in-ivory-coast-mine-to-85-in-deal-with-soccer-legend-212431.html
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