Endeavour Financial Corporation Announces Terms of Equity Offering


    Toronto Stock Exchange: EDV

    GEORGE TOWN, Grand Cayman, Jan. 28 /CNW/ - In connection with its public
offering announced December 16, 2008, Endeavour Financial Corporation
("Endeavour" or the "Corporation") announced today that that it has entered
into an underwriting agreement with a syndicate of underwriters co-led by GMP
Securities L.P. and Canaccord Capital Corporation (the "Underwriters") to sell
56,500,000 Units (the "Units") at a price of $1.77 per Unit to raise gross
proceeds of $100,005,000 pursuant to a short form prospectus (the "Offering").
Each Unit will consist of one common share of the Corporation and one-half of
one common share purchase warrant. Each whole common share purchase warrant (a
"Warrant") will entitle the holder to purchase one common share of the
Corporation for a period of five years following the closing of the Offering
at price of $2.50 per common share. In addition, Endeavour has also granted
the Underwriters an over-allotment option, exercisable in whole or in part
prior to the closing, to purchase up to an additional 8,475,000 Units for
additional gross proceeds of $15,000,750. The Offering is subject to certain
conditions, including regulatory and TSX approval.
    The Corporation intends to use the net proceeds from the Offering for
investments in the natural resource sector, which will predominantly include
investments in equity, warrants and/or quasi-equity or debt securities in
junior and intermediate natural resource companies and possibly directly into
the acquisition of mining projects or royalties.
    The Corporation anticipates that the resource capital markets will
continue to experience challenges due to the global economic slowdown. This
environment presents unique investment opportunities for the Corporation to
support its advisory services with strategic capital investments in an effort
to build shareholder value. The Corporation will continue its existing
investment strategy of focusing on resource projects in non-mature markets,
where value creation opportunities are often the greatest. The Corporation
utilizes the extensive insights, experience and contacts of Fiore Financial
Corporation (Frank Giustra, President and CEO) as its exclusive advisor in
assisting in sourcing and developing new investment opportunities. Currently,
the Corporation believes there are several attractive investment opportunities
in gold and gold-related mining projects and companies.
    The Corporation and Fiore's longer term objectives include pursuing a
larger-scale investment program focused on these gold-related opportunities,
and as part of this objective it may explore the opportunity to source
third-party capital in a corporate structure yet to be determined, which may
include a limited partnership fund or any other mechanism, in which a portion
of these proceeds may be invested by the Corporation.
    Closing of the Offering is expected to occur on or about February 4,
    The Units, common shares and Warrants offered have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from
the registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful.

    About Endeavour Financial Corporation

    Endeavour is an independent merchant banking company focused on the
global natural resources sector. The Corporation offers advisory services in
project, corporate and debt capital markets; equity financings; mergers and
acquisitions; and strategic business development. Endeavour also provides
equity and bridge loans in support of clients, transactions, and other market
opportunities. Accessing its global industry networks, Endeavour creates and
launches new growth companies as both an advisor and investor.
    Endeavour Financial Corporation is listed on the Toronto Stock Exchange,
symbol EDV.
    For additional information, please visit our corporate website,

    On behalf of Endeavour Financial Corporation

    "Bill Koutsouras"

    Bill Koutsouras
    Executive Vice President & Chief Financial Officer

    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 Financial Corporation. 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: Dr. Sally Eyre, Director Marketing & Business
Development, (604) 609-6129 or Vanguard Shareholder Solutions, 1-866-341-4111
or (604) 608-0824

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