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Endeavour Silver Corp raises US$16mln for Terronera project development

The company completed an at-the-market (ATM) offering, selling eight million shares

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Endeavour will continue its expansion at the Terronera project

Endeavour Silver Corp (TSE:EDR; NYSE:EXK) has raised US$16mln to advance exploration and development at its Terronera project in Mexico.

The company completed an at-the-market (ATM) offering, selling eight million shares for net proceeds of US$16mln.

The funds will be used to advance the Terronera project including expediting brownfields exploration and development programs at existing mines, the company said.

Bradford Cooke, chief executive, said: “We are pleased to have completed this financing as it significantly strengthens our balance sheet and helps fund our growth projects.

“In particular, we have initiated an aggressive exploration program at the Terronera project to significantly expand the resources.

“This should allow us to model a larger, more economically robust high-grade, underground silver-gold mine and complete the engineering work needed to deliver a prefeasibility study."

Quick facts: Endeavour Silver Corp

Price: 2.94 CAD

TSX:EDR
Market: TSX
Market Cap: $411.33 m
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