High River Gold Mines Ltd HRIVF

RE: RE: RE: Crew Gold Review

[ThyFish]

I remember Severest had picked up a great deal of shares in the open market and then they were crying as a minority shareholder that they were not being treated fairly by Endeavour. I believe they asked for a change in BOD to include one of their crooks. There was also a big reverse split before the eventual deal with endeavour. The end price was 4 something.

Endeavour sells Crew Gold shares for a tidy profit

By: Liezel Hill

13th September 2010

TORONTO (miningweekly.com) – Endeavour Financial has agreed to sell its 43% holding in Crew Gold to a subsidiary of Russian steelmaker Severest for $215-million in cash, the company announced on Monday.

The company bought the Crew Gold shares for a total of $134,5-million, and so will make a profit of $80,5-million on the sale, which is expected to close in the next 48 hours.

Severest Gold already owns just over 50% of Crew Gold, and has been steadily increasing its holdings.

“Endeavour has accepted the opportunity to exit its investment in Crew Gold at a significant profit, which is a superior alternative to remaining in a minority shareholder position,” CEO Neil Woodyer said in a statement.

“The capital derived from monetising this investment will be used to fund our growth and build value for Endeavour shareholders.”

After the sale, Endeavour will have about $180-million in cash and access to a $100-million 'acquisition facility'.

The firm, which recently bought all the shares it did not own in Etruscan Resources, plans to change its name to Endeavour Mining.

Woodyer said the company plans to “aggressively” seek acquisitions in the gold sector.

Severest and Endeavour previously came to blows over their respective stakes in Crew Gold, with each accusing the other of trying to seize control of the company.

Crew Gold's main asset is the Lefa gold mine, in Guinea.

Shares in Endeavour Financial slid 1,1% on Monday, to C$2,70 apiece by 15:59 in Toronto.

Crew Gold declined 5,3% to C$4,47 a share.

Edited by: Liezel