Endeavour Announces Normal Course Issuer Bid
ENDEAVOUR ANNOUNCES NORMAL COURSE ISSUER BID
George Town, March 18, 2021 – Endeavour Mining Corporation ("Endeavour") (TSX: EDV) (OTCQX: EDVMF) is pleased to announce that it has received approval from the Toronto Stock Exchange (“TSX”) to implement a Normal Course Issuer Bid (“NCIB”) for its share repurchase program, in order to supplement its dividend and maximize value for its shareholders.
Endeavour believes that the market price of its ordinary shares does not always reflect its underlying value and future prospects. Endeavour’s purchase of its ordinary shares under the NCIB as part of its capital allocation framework, can therefore be an effective use of its capital and can deliver enhanced returns compared to other uses of capital.
The NCIB will commence on March 22, 2021 and end on March 21, 2022, or such earlier date as Endeavour may complete its purchases pursuant to the notice of intention filed with the TSX. Endeavour may purchase up to 12,172,871 ordinary shares under the NCIB, which represents up to 5% of the total issued and outstanding ordinary shares as of March 16, 2021, of approximately 243,457,437. All ordinary shares repurchased under the bid will be cancelled.
The average daily trading volume (“ADTV”) for the six months ended March 17, 2021, calculated in accordance with the rules of the TSX for purposes of the NCIB, was 661,069 ordinary shares. Endeavour is entitled to repurchase, during each trading day, up to 25% of the ADTV or 165,267 Shares, excluding purchases made in accordance with the block purchase exemptions under applicable TSX policies.
Endeavour also announces that it has entered into an automatic share purchase plan (the “ASPP”) with a broker to allow for the purchase of ordinary shares under the NCIB at times when Endeavour would not normally be active in the market due to regulatory restrictions or self-imposed trading blackouts. Before entering into a blackout period, Endeavour may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the ASPP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Endeavour prior to the blackout period, in accordance with TSX rules and the terms of the ASPP.
Share repurchases will be made through the facilities of the TSX as well as through other designated exchanges and alternative trading systems in Canada in accordance with applicable regulatory requirements. The price paid for repurchased ordinary shares will be the market price of such ordinary shares at the time of acquisition or such other price as may be permitted by the TSX.
CONTACT INFORMATION
| Martino De Ciccio VP – Strategy & Investor Relations +44 203 640 8665 mdeciccio@endeavourmining.com | Brunswick Group LLP in London Carole Cable, Partner +44 7974 982 458 ccable@brunswickgroup.com Vincic Advisors in Toronto John Vincic, Principal +1 (647) 402 6375 john@vincicadvisors.com |
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.
A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the Toronto Stock Exchange, under the symbol EDV and will be seeking a secondary listing as a Premium issuer on the London Stock Exchange during Q2-2021.
For more information, please visit www.endeavourmining.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Endeavour with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding the potential for continued or future dividends and expectations regarding Endeavour’s normal course issuer bid and potential purchases made pursuant to such bid.
This press release contains ‘‘forward-looking information’’ within the meaning of applicable securities laws. Forward- looking information may relate to our future outlook and anticipated events or plans and objectives of Endeavour. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as ‘‘plans’’, ‘‘targets’’, ‘‘expects’’ or ‘‘does not expect’’, ‘‘is expected’’, ‘‘an opportunity exists’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, ‘‘outlook’’, ‘‘forecasts’’, ‘‘projection’’, ‘‘prospects’’, ‘‘strategy’’, ‘‘intends’’, ‘‘anticipates’’, ‘‘does not anticipate’’, ‘‘believes’’, or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’, ‘‘will’’, ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’. Forward-looking statements are not historical facts but instead represent management’s expectations regarding future events or circumstances.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Endeavour management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Endeavour believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Endeavour. This forward-looking information may be affected by risks and uncertainties in the business of Endeavour and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Endeavour with the Canadian securities regulators, including Endeavour’s annual information form, financial statements and related MD&A for the financial year ended December 31, 2019 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Endeavour has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Endeavour does not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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