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Not for distribution to United States
newswire services or for dissemination in the United
States
ENDEAVOUR FINANCIAL
CORPORATION
ANNOUNCES TERMS OF EQUITY
OFFERING
Toronto Stock Exchange: EDV
January 28, 2009
George Town, Grand Cayman - 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,
2009.
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, www.endeavourfinancial.com
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 additional information, contact:
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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