Led by BMO Capital Markets, a syndicate of underwriters have agreed to buy 8.081 million shares in Endeavour at a price of US$4.95 per share.
From February 12 to March 16, Endeavour's share price on the Toronto Stock Exchange closed in the range of C$5.09-C$7.10 (US$4.01-US$5.60). On March 16, the stock was down 11% day-on-day at C$6.13.
While US$35 million of the net proceeds from the offering are to go to SSR Mining, the rest is to be used for general corporate purposes and working capital, Endeavour said.
Endeavour announced its acquisition of the undeveloped silver, lead, and zinc Pitarrilla project in Durango, Mexico, from SSR for US $70 million and a 1.25% net smelter returns royalty on January 13.
The project has a historical measured and indicated resource of 164.79 million tonnes grading 99.1g/t silver for 525.27 million ounces.
"The acquisition of Pitarrilla, one of the world's largest undeveloped silver projects, accelerates our vision to become a premier senior silver producer," Endeavour's CEO, Dan Dickson, said at the time.
Endeavour had a market capitalisation of C$1.05 billion.
