Endeavour Silver Corp. (NYSE: EXK; TSX: EDR) was at last look down 5.5% in US premarket trade as it entered Wednesday into an agreement with a syndicate of underwriters that have agreed to buy on a bought-deal basis 15,825,000 common shares of the company, at a price of US$4.60 per common share for aggregate gross proceeds of approximately US$73 million.

A statement noted the company has granted the underwriters an option, exercisable in whole or in part for a period of 30 days following the closing of the offering, to purchase up to an additional 10% of the common shares offered under the offering to cover over-allotments, if any.

The principal objectives for use of the net proceeds of the offering are for general working capital and the advancement of the Pitarrilla Project, the statement said.

The offering is expected to close on or about November 27, 2024 and is subject to Endeavour receiving all necessary regulatory approvals and the approval of the Toronto Stock Exchange and the New York Stock Exchange.

EDR edged up $0.04 to $6.89 on the TSX yesterday.