Endeavour Silver Announces At-The-Market Offering of up to US$35.7 Million
June 13 2018 - 5:36PM
Endeavour Silver Corp. (NYSE:EXK) (TSX:EDR) (the
“
Company” or “
Endeavour”) is
pleased to announce it has entered into a sales agreement dated
June 13, 2018 (the “
Sales Agreement”) with
BMO Capital Markets (the lead agent), CIBC Capital Markets, H.C.
Wainwright & Co., HSBC and TD Securities Inc. (together, the
“
Agents”) pursuant to which the Company may, at
its discretion and from time-to-time during the term of the Sales
Agreement, sell, through the Agents, such number of common shares
of the Company (“
Common Shares”) as would result
in aggregate gross proceeds to the Company of up to
US$35.7 million (the “
Offering”). Sales of
Common Shares will be made through “at‑the‑market distributions” as
defined in the Canadian Securities Administrators’ National
Instrument 44‑102‑Shelf Distributions, including sales made
directly on the New York Stock Exchange (the
“
NYSE”), or any other recognized marketplace upon
which the Common Shares are listed or quoted or where the Common
Shares are traded in the United States. The Common Shares will be
distributed at the market prices prevailing at the time of each
sale and, as a result, prices may vary as between purchasers and
during the period of distribution. No offers or sales of Common
Shares will be made in Canada on the Toronto Stock Exchange (the
“
TSX”) or other trading markets in Canada.
The Offering will be made by way of a prospectus
supplement dated June 13, 2018 to the Company’s existing
US registration statement on Form F‑10 (the
“Registration Statement”) and Canadian short form
base shelf prospectus (the “Base Shelf
Prospectus”), each dated April 10, 2018. The
prospectus supplement relating to the Offering has been filed with
the securities commissions in each of the provinces of Canada
(other than Québec) and the United States Securities and Exchange
Commission. The US prospectus supplement (together with a related
Registration Statement) is available on the SEC's website
(www.sec.gov) and the Canadian prospectus supplement (together with
the related Base Shelf Prospectus) will be available on the SEDAR
website maintained by the Canadian Securities Administrators at
www.sedar.com. Alternatively, BMO Capital Markets will provide
copies of the US prospectus upon request by contacting BMO
Capital Markets (c/o BMO Capital Markets Corp., Attention: Equity
Syndicate Department, 3 Times Square, New York, NY 10036, or by
telephone at (800) 414-3627, or by email:
bmoprospectus@bmo.com).
Net proceeds of the Offering, if any, together
with the Company’s current cash resources and free cash flow, will
be used to advance its Terronera project and for general corporate
purposes.
The Company will pay the Agents compensation, or
allow a discount, of up to 2.25% of the gross sales price per
Common Share sold under the Sales Agreement.
Sales under the Sales Agreement remain subject
to necessary regulatory approvals, including the approval of the
TSX and the NYSE.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy securities, nor will
there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Endeavour – Endeavour
Silver Corp. is a mid-tier precious metals mining company that
operates three high‑grade, underground, silver‑gold mines in
Mexico. The Company is forecasting 20% production growth to
10.2‑11.2 million oz silver equivalent in 2018. Endeavour is
currently developing its fourth high‑grade, underground,
silver‑gold mine in Mexico and has a compelling pipeline of
exploration and development projects to facilitate its goal to
become a premier senior silver producer. Our philosophy of
corporate social integrity creates value for all stakeholders.
SOURCE Endeavour Silver Corp.
Contact InformationGalina
Meleger, Director, Investor RelationsToll free: (877) 685-9775Tel:
(604) 640-4804Fax: (604) 685-9744Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Cautionary Note Regarding Forward-Looking
Statements
Some of the statements contained in this release
are forward‑looking statements within the meaning of the United
States Securities Act of 1933, as amended, and the United States
Securities Exchange Act of 1934, as amended, and forward‑looking
information within the meaning of Canadian securities laws, such as
statements that describe the anticipated offering of securities
under the Company’s Base Shelf Prospectus and Registration
Statement, the anticipated use of proceeds from any offering made
under the Company’s Base Shelf Prospectus and Registration
Statement, and other statements. Since forward‑looking statements
are not statements of historical fact and address future events,
conditions and expectations, forward‑looking statements by their
nature inherently involve unknown risks, uncertainties, assumptions
and other factors well beyond the Company’s ability to control or
predict. Actual events, results and developments may differ
materially from those contemplated by such forward‑looking
statements. Material factors that could cause actual events to
differ materially from those described in such forwarding‑looking
statements include risks related to the Company’s condition
requiring anticipated use of proceeds to change, timing of, and
ability to obtain, required regulatory approvals, and general
economic and regulatory changes.
These forward‑looking statements represent the
Company’s views as of the date of this release. There can be no
assurance that forward‑looking statements will prove to be
accurate, as actual events and future events could differ
materially from those anticipated in such statements. Readers
should not place undue reliance on any forward-looking
statements.
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