Toronto Stock Exchange: EDV
GEORGE TOWN, GRAND CAYMAN, March 31 /CNW/ - Endeavour Mining Capital
Corp. ("Endeavour" or the "Corporation") announces that it has received
regulatory approval from the Toronto Stock Exchange ("TSX") to renew its
Normal Course Issuer Bid ("NCIB") to purchase its common shares through the
facilities of the TSX for a further one-year period. The Corporation's NCIB
will now expire on April 3, 2009.
The board of directors believes that the Corporation's common shares are
currently trading in a price range which does not adequately reflect their
value in relation to the Corporation's future business prospects or in
relation to the Corporation's net book value per share (diluted in the money
basis) which was approximately CDN$10.05 on March 28, 2008. 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 its
shareholders and represents an accretive use of corporate funds.
Endeavour has received approval from the TSX to acquire up to an
additional 2,827,724 common shares, representing approximately 10% of the
public float of common shares, during the period from April 4, 2008 to
April 3, 2009. Any such purchases will be made at the prevailing market price
at the time of such purchases in accordance with the requirements of the TSX.
Any shares so purchased by Endeavour will be cancelled. A total of
34,077,407 common shares were outstanding as of March 28, 2008. Subject to
certain prescribed exemptions, the Corporation is limited on any given trading
day to purchasing 13,541 common shares, representing 25% of the average daily
traded volume of the Corporation's common shares for the six months preceding
the commencement of the NCIB.
Under Endeavour's previously approved NCIB, an aggregate of 113,000
common shares were acquired at a weighted average price of CDN$8.06. All such
shares have either been cancelled or are in the process of being cancelled.
Endeavour Mining Capital Corp. is a publicly-traded merchant banking
company offering integrated capital investment and financial advisory services
to 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,
On behalf of Endeavour Mining Capital Corp.
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 information relating to the future
performance of Endeavour Mining Capital Corp. Forward-looking information,
specifically that concerning future performance, is 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:
For further information: Sally Eyre, Director Marketing & Business
Development, (604) 609-6129 or Vanguard Shareholder Solutions, 1-866-801-0779
or (604) 608-0824, email: email@example.com