TORONTO (miningweekly.com) – West Africa-focused gold producer Endeavour Mining has filed an ‘early warning report’, as required by National Instrument 62-103, after increasing its holdings in Mali-focused explorer Legend Gold to about 18.75%.
Vancouver-based Endeavour had received a further 2.5-million Legend common shares, which represented about 4.78% of the junior’s issued and outstanding stock, under the terms of the share purchase agreement signed between the parties on July 26, 2013.
Under the agreement, the shares were issued at $0.30 apiece and Endeavour now held 9.8-million Legend common shares.
Endeavour acquired the shares for “investment purposes" and added that it had no intention of acquiring further securities of Legend.
Legend's portfolio included five 100%-owned early-to-advanced-stage gold exploration projects, including the Diba, Lakanfla, Mougnina, Tabakorole and Pitiangoma projects and a joint venture project with Randgold Resources in Mali.
Endeavour owns four gold mines that produce 500 000 oz/y in Mali, Ghana, Burkina Faso and Côte d'Ivoire.