Endeavour Financial to acquire 16.5% stake in Etruscan Resources

Thu. September 24, 2009; Posted: 03:12 PM

Sep 24, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- ETRUF | Quote | Chart | News | PowerRating -- Endeavour Financial Corporation, a merchant banking investment company focused on the natural resources industry, has agreed to acquire 26,315,789 shares, representing a 16.5% stake, in Etruscan Resources from Kirkland Intertrade Corp. and 2190776 Ontario, Inc. All the companies are based in Canada.

Etruscan Resources is a gold-focused junior mining company.

Additionally, Endeavour Financial will also purchase 6,855,760 Etruscan Resources share purchase warrants from Kirkland Intertrade and 2190776 Ontario. The warrants will entitle Endeavour Financial to acquire 6,855,760 Etruscan Resources common shares.

Simultaneously, Endeavour Financial has entered into a binding agreement to invest approximately $43 million in Etruscan Resources, Inc. in a private placement transaction.

Based on the closing price of Etruscan Resources common stock of CAD0.39 ($0.36) per share on September 22, 2009, the 16.5% stake is estimated to be worth CAD10.26 million ($9.54 million).

Pursuant to both transactions, Endeavour Financial will hold approximately 54% of the issued and outstanding common shares of Etruscan Resources on a post-closing basis, assuming the exercise of all of the share purchase warrants.

Deal Value (US$ Million) 9.54
Deal Type                Acquisition
Sub-Category             Minority Acquisition
Deal Status              Announced: 2009-09-23

Deal Participants

Target (Company)   Etruscan Resources, Inc.
Acquirer (Company) Endeavour Financial Corporation
Vendor 1 (Company) 2190776 Ontario, Inc.
Vendor 2 (Company) Kirkland Intertrade Corp.

% Acquisition 16.5%

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