Endeavour Silver has announced a bought-deal offering of 15,825,000 common shares at a price of $4.60 each to raise gross proceeds of approximately $73m (C$101.98m) towards working capital and the advancement of its Pitarrilla project in Mexico.
The underwriters, led by BMO Capital Markets, have the option to purchase an additional 10% of the shares within 30 days post-closing to cover any over-allotments.
The offering is due to close around 27 November 2024, contingent on obtaining all necessary regulatory approvals, including those from the Toronto and New York Stock Exchanges.
The common shares will be available in all Canadian provinces, barring Quebec, under a short form base shelf prospectus, and in the US, in line with a registration statement under the US Securities Act of 1933.
The final prospectus supplement will be filed with regulatory authorities in Canada and the US within two business days. The shares might also be offered privately in certain jurisdictions outside Canada and the US, provided they comply with local securities law exemptions.
Since acquiring Pitarrilla in July 2022, Endeavour has re-logged the historic drill core to refine its understanding of the deposit’s geology and mineralisation.
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By GlobalData
Earlier this month, Endeavour provided updates on the new geological studies and the refurbishment and extension of a 1.3km underground ramp. The ramp aids in core drilling for interpreting high-grade zones and supports bulk tonnage mining potential.
The company also detailed the drilling efforts made at the Pitarrilla project in 2024, which led to the identification of key high-grade feeder veins such as Danna, Palmito and Casas Blancas.
Current findings show vertical vein extents of 600–800m, suggesting untapped depth potential.
Engineering companies including SGS Canada and SRK Consulting have been retained to undertake metallurgical testing, mine design and hydrology studies for the project, which aims to transition to the development phase by 2025.
