Midnight Sun receives exploration license renewal for Solwezi copper project in Zambia
The project is 6 miles from Africa’s largest copper mining complex, the Kansanshi mine held by First Quantum Minerals.
Endeavour Mining has completed the previously announced investment by La Mancha Holding – a business owned by the Sawiris Family of Egypt.
Endeavour issued a total of 8,910,592 ordinary shares to La Mancha for aggregate net proceeds of $200 million at a price of approximately $22.45 per share.
The investment, which was announced as part of the acquisition of Teranga Gold Corporation on November 16, 2020, is being made by La Mancha under its pre-existing anti-dilution right.
Following completion of the investment, Endeavour now has 252,519,830 shares outstanding with La Mancha holding an interest of approximately 19%.
Midday Wednesday, Endeavour’s stock was up 5% on the TSE. The company has a C$6.19 billion market capitalization.
