(Ecofin Agency) - Acquisition of True Gold by Endeavour Mining for $143 million, announced in March 2016, has been approved by 95% of the firm’s shareholders. At Endeavour, 99.82% of shareholders approved the transaction. They also approved the issuing of 18.9 million new shares to True Gold’s shareholders as previously stated under acquisition agreement.

The closing of transaction, planned for April 26, is thus suspended and awaits court’s approval, regulatory approval and usual closing conditions.

“We look forward to closing the True Gold transaction and expect then swiftly to integrate the Karma mine into our portfolio. Following the first gold pour last week, the operational ramp-up is processing well and commercial production is scheduled to begin in June,” said Endeavour CEO, Neil Woodyer.

Endeavour Mining is a growing intermediate gold producer. The firm plans to produce between 535,000 to 560,000 ounces at its mines in Cote d’Ivoire, Mali, Ghana and Burkina Faso this year. It has a proven and probable ore reserve of 5.8 million ounces and 10.2 million ounces of measured and indicated resources.

Louis-Nino Kansoun