By Robb M. Stewart
Endeavour Silver's shares pulled back sharply after the precious metals miner struck a deal for an equity raising that will raise roughly $73 million to help advance development of its Pitarrilla project in northern Mexico.
In morning trading, the shares were 8.3% lower at C$6.32 in Toronto. On the New York Stock Exchange, the shares were down 9.2% at $4.49.
The miner said it entered a deal with a syndicate of underwriters that will buy about 15.8 million shares at $4.60 each. The underwriters have an option to buy an additional 10% of the shares being offered to cover any over-allotments.
Endeavour expects the offering to close on or about Nov. 27, subject to approval from regulator and stock exchange approval.
Pitarrilla, one of the largest undeveloped silver projects in the world, is expected to form a cornerstones of Endeavour's long-term growth. The site is north of Durango City, an area where several mines already operate, including Endeavour's Guanacevi mine that has been in operation since 2005.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
November 20, 2024 10:13 ET (15:13 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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