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Endeavour Mining Reports Closing of Sale of Non-Core Diamond Assets and Updates Progress With Adamus
Endeavour Mining Corporation (TSE:EDV) announced the closing of the sale of its 47.3% owned diamond subsidiaries.
Endeavour Mining Corporation (TSE:EDV) announced the closing of the sale of its 47.3% owned diamond subsidiaries.
As quoted in the press release,
As consideration for the sale, Endeavour received 1,234,660 shares of Rockwell Diamonds Inc. (TSE:RDI), which were valued at approximately CDN$0.6 million on October 11, 2011, and Rockwell assumed all the debt and contingent liabilities of the Corporation related to the diamond assets, which at June 30, 2011 were US$14.8 million. Total net liabilities of Endeavour’s diamond subsidiaries at June 30, 2011 were US$2.7 million. The agreement to sell these non-core diamond assets was announced in September 2010 as part of Endeavour’s strategic plan to grow into an intermediate gold producer.
Click here to read the Endeavour Mining Corporation (TSE:EDV) press release.Â
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