re: EDV.TO Endeavour Mining Capital C$7.05 - News
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Endeavour announces a share repurchase program for up to 10% of the current public float
Thursday March 30, 12:16 pm ET
Toronto Stock Exchange: EDV
GEORGE TOWN, March 30 /CNW/ - Endeavour Mining Capital Corp. ("Endeavour" or "Corporation") today announced that it has received regulatory approval from The Toronto Stock Exchange ("TSX") for commencement of a normal course issuer bid through the facilities of The Toronto Stock Exchange. Endeavour may purchase up to 2,310,978 of its common shares by way of the normal course issuer bid. The 2,310,978 common shares represent approximately 10% of the Corporation's current public float of 23,109,778. Endeavour has a total of 23,170,078 common shares issued and outstanding, as at March 29, 2006.
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The board of directors of the Corporation believes that the Corporation's common shares have been trading in a price range which does not adequately reflect their value in relation to the Corporation's unique business model and its future business prospects. In addition, the Corporation's book value and/or net asset value is significantly higher than the trading price. As a result, depending upon future price movements and other factors, the board of directors of the Corporation believes that the repurchase of the common shares of the Corporation are in the best interest of the Corporation and represent a desirable use of corporate funds.
Commenting, Frank Holmes, Chairman, said "we are value oriented and opportunistic and there are times when buying back a company's stock is in the best interest of all investors."
The issuer bid will commence on April 3, 2006 and will terminate on April 3, 2007, or on such earlier date as Endeavour may complete its purchases pursuant to the issuer bid or provides notice of termination. Any such purchases will be made at the prevailing market price at the time of such purchases in accordance with the requirements of TSX. Any shares so purchased by Endeavour will be cancelled.
Endeavour Mining Capital Corp. is a publicly traded merchant banking company focused on the global natural resources sector. The Corporation offers a unique combination of financial and intellectual capital to help build companies and create shareholder value. Our shares are listed on the Toronto Stock Exchange under the symbol EDV and offer a distinctly different way to invest in the natural resources sector.
For additional information, please visit our corporate website, www.endeavourminingcapital.com.
On behalf of Endeavour Mining Capital Corp.
"Bill Koutsouras"
Chief Financial Officer, Director & Secretary
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking statements relating to the future performance of Endeavour Mining Capital Corp. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Corporation's filings with the appropriate securities commissions.
For further information
Phone: Vanguard Shareholder Solutions, 1-866-801-0779 or (604) 608-0824, email: investor@endeavourminingcapital.com |
