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Endeavour completes SEMAFO acquisition
Jul 3, 2020
Endeavour Mining (TSX: EDV) (OTCQX: EDVMF) has announced the successful completion of the previously-announced acquisition of SEMAFO Inc (TSX: SMF), effective July 1, 2020.
Pursuant to a court-approved plan of arrangement, shareholders of SEMAFO received 0.1422 of an Endeavour ordinary share for each SEMAFO common share held.
As a result of the arrangement, SEMAFO has become a wholly-owned subsidiary of Endeavour.
The common shares of SEMAFO will be delisted from the TSX on or about July 6, 2020, and have been delisted from the OMX.
Endeavour will also apply to have SEMAFO cease to be a reporting issuer (or equivalent thereof) in all applicable Canadian jurisdictions.
Endeavour also announced that effective July 1, 2020, Olivier Colom and Wayne McManus have retired from its Board of Directors and Helene Cartier and Tertius Zongo, both nominees of SEMAFO, are joining the Endeavour Board of Directors.
Alison Baker will succeed Mr McManus as Chair of the Audit Committee.
Following the appointments, Endeavour’s Board is composed of nine members, of which eight are independent directors and non-executive directors: Chairman Michael Beckett, James Askew, Alison Baker, Sofia Bianchi, Helene Cartier, Livia Mahler, Naguib Sawiris, Tertius Zongo, and Sébastien de Montessus as executive director and CEO.
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