- Goldcorp founder Rob McEwen is set to acquire a C$2 million stake in Enduro Metals (ENDR) as part of a private placement
- The company intends to raise up to $8 million through the issuance of 24 million units at a price of 25 cents each and around 6.06 million flow-through shares at a price of 33 cents
- Pursuant to the offering, Rob has indicated his intention to purchase a total of eight million units
- The proceeds will fund exploration and development work at the company’s Newmont Lake Project in northwest British Columbia
- Enduro Metals (ENDR) is currently up 26 per cent and is trading at 32 cents per share
Goldcorp founder Rob McEwen is set to acquire a C$2 million stake in Enduro Metals (ENDR) as part of a private placement.
Under the terms of the placement, the Kelowna, British Columbia-based company intends to issue up to 24 million units at a price of 25 cents each for a total of $6 million.
Each unit will be comprised of one common share in the company and one common share purchase warrant, exercisable at a price of 38 cents for a period of 18 months from the date of issuance.
In addition, Enduro Metals intends to issue up to 6.06 million flow-through shares at a price of 33 cents each.
Rob McEwen, the current Chairman and CEO of McEwen Mining and the founder and former Chairman of Goldcorp, has indicated his intention to acquire eight million units for a total of $2 million.
The proceeds raised under the offering will be used to fund exploration and development work at Enduro Metal’s 618-square-kilometre Newmont Lake Project in northwest British Columbia.
Cole Evans, President and CEO of Enduro Metals, said the company is already putting the necessary measures in place to launch its exploration program.
“Rob McEwen’s expertise in the mining and investment industry is world-class and we are grateful to have him as one of Enduro’s largest shareholders.
“Equipment is in place for the 2020 exploration season and the company will be mobilising to the Newmont Lake Project immediately upon closing of the offering and will be providing batches of technical updates as more information becomes available,” he added.
Enduro Metals (ENDR) is currently up 26 per cent and is trading at 32 cents per share at 10:41am EDT.
