Vancouver, January 8, 2018 - Endurance Gold Corporation (TSXV: EDG) ("Endurance") announces that it has filed an early warning report in respect of its holding in Inventus Mining Corp. (TSXV: IVS) ("Inventus").
Endurance acquired an initial beneficial ownership and control over of 25,500,000 common shares of Inventus on November 30, 2016, which, at that time, represented 25.4% of the issued and outstanding common shares of Inventus. As the result of a financing (the "Financing") completed by Inventus in September 2017 in which Endurance did not participate, Endurance's ownership interest in Inventus was diluted from 25.4% to 23.84%.
During the period between November 1, 2017 and January 5, 2018, Endurance disposed of a total of 518,500 common shares of the Issuer at an average price of $0.277 per share for aggregate gross proceeds of $143,645.
The disposal of these 518,500 common shares together with the dilution from Inventus' Financing, triggered the requirement to file an early warning report, as the Financing and this disposition result in our ownership percentage interest in Inventus decreasing by 2% from our previous early warning report filed on November 30, 2016.
Immediately prior to the disposition, Endurance had ownership of 25,500,000 common shares, representing 23.84% of the issued and outstanding common shares of Inventus.
Immediately following the disposition, Endurance held direct ownership of 24,981,500 common shares, representing approximately 23.35% of the issued and outstanding common shares of Inventus.
A copy of the early warning report filed by Endurance in connection with the disposition described above is available on SEDAR under Inventus' profile at www.sedar.com, and it can also be obtained directly from Endurance. This news release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits. The Company's core gold exploration asset is the Elephant Mountain Project, Alaska. The company also owns a significant shareholding in Inventus which controls the entire Pardo paleoplacer (Witwatersrand-type) gold district near Sudbury, Ontario and shares in GFG Resources Inc. (GFG-TSXV) which controls the entire Rattlesnake Hills gold district in Wyoming, USA.
ENDURANCE GOLD CORPORATION