GEORGE TOWN, GRAND CAYMAN--(Marketwire - Dec. 16, 2008) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Endeavour Financial Corporation ("Endeavour" or the "Corporation") (TSX:EDV) today announced that it has filed a preliminary prospectus with the securities regulatory authorities in each of the provinces of British Columbia, Alberta and Ontario in connection with a proposed offering of units, each unit to consist of one common share of the Corporation and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one common share of the Corporation for a period of five years following the closing of the offering. The number of units to be offered, the price per unit and the exercise price of the warrant will be determined in the context of the market prior to the filing of the final prospectus. GMP Securities L.P. and Canaccord Capital Corporation have been engaged as underwriters in respect of the offering. The offering is subject to certain conditions, including regulatory and Toronto Stock Exchange approval.
In addition, Endeavour will grant to the underwriters an over-allotment option to purchase up to that number of additional common shares and half-warrants equal to 15% of the number of units sold pursuant to the offering, exercisable at any time up to 30 days from the closing of the offering.
Endeavour intends to use the net proceeds from the offering for investments in the natural resource sector. Endeavour is an independent merchant banking company focused on the global natural resources sector. The Corporation offers advisory services in project, corporate and debt capital markets; equity financings; mergers and acquisitions; and strategic business development. Endeavour also provides equity and bridge loans in support of clients, transactions, and other market opportunities. Accessing its global industry networks, Endeavour creates and launches new growth companies as both an advisor and investor.
The units, common shares and warrants offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Endeavour Financial Corporation is listed on the Toronto Stock Exchange, symbol EDV.
For additional information, please visit our corporate website, www.endeavourfinancial.com.
On behalf of Endeavour Financial Corporation
Bill Koutsouras, Executive Vice President & Chief Financial Officer
The foregoing information may contain forward-looking information relating to the future performance of Endeavour Financial Corporation. Forward-looking information, specifically, that concerning future performance, is subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Corporation's filings with the appropriate securities commissions.The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.