Endeavour Silver (EXK) said Wednesday that the underwriters in its recently completed common stock offering fully exercised their overallotment option to buy roughly 1.3 million more shares at $3.88 per share.
The company said it received additional gross proceeds of about $5 million upon closing of the overallotment option, raising the total gross proceeds from the offering to about $50 million.
The company previously said it plans to use the net proceeds to partly fund its pending acquisition of all of the outstanding shares of Compania Minera Kolpa and its main asset, the Huachocolpa Uno Mine, from units of its shareholders Arias Resource Capital Management and Grupo Raffo, for $145 million.
The transaction is expected to close within 60 days, the company said.
Shares of Endeavour Silver were up 2.8% in recent trading.
Price: 4.17, Change: +0.12, Percent Change: +2.84
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