Endeavour Mining Corporation (TSE:EDV) (OTCQX:EDVMF) has completed its acquisition of gold producer SEMAFO Inc and unveiled a raft of management changes as a consequence.
Shares of SEMAFO will be delisted from the Toronto stock exchange on or around July 6 and have been delisted from the OMX already. The group will become a subsidiary of Endeavour, the West Africa-focused miner said in a statement.
READ: Endeavour Mining expects to close SEMAFO acquisition at beginning of July
Endeavour also noted that it's board is now composed of nine members and with effect from July 1, Helene Cartier and Tertius Zongo, both nominees of SEMAFO, have become directors, while Olivier Colom and Wayne McManus have retired.
SEMAFO is entitled to nominate three directors and Endeavour expects to add a further independent non-executive director with a technical background.
Benoit Desormeaux has joined Endeavour as its president, the miner added, while Martin Milette has said that relocating to London was not feasible and he will not transition to Endeavour as its chief financial officer.
Henri de Joux, executive vice-president of people and information technology at Endeavour, is currently acting as the interim finance chief, leveraging his experience as a chief financial officer before joining Endeavour.
Endeavour also revealed that the US$100 million La Mancha investment into the company, representing over 4.5 million shares, is expected to close on or about July 3, 2020.
Following the investment, Endeavour will have around 163 million shares outstanding with La Mancha holding an interest of around 24.1%.
Endeavour also told investors it aims to update its 2020 production and cost guidance, incorporating the operations of SEMAFO, as part of its second-quarter financial and operating results scheduled to be published in early August.
Contact the author at giles@proactiveinevestors.com