Endurance Gold Corporation (EDG -- TSX.V, "Endurance") is pleased to announce it has entered into a binding letter agreement to sell its 35.5% participating joint venture interest in the Pardo Joint Venture ("JV") Property to Inventus Mining Corp. ("Inventus"), a listed company traded in the TSX Venture Exchange (the "Exchange") for consideration of 25,500,000 common shares of Inventus and a cash payment of $75,000. As a result of this transaction, if completed, Endurance will own 25.4% equity ownership of Inventus and Inventus will own 100% of the assets comprising the Pardo JV.
"We are pleased to see the Pardo JV consolidated under single ownership and join with Robert McEwen, Eric Sprott and Osisko Gold Royalties as major shareholders of Inventus" stated Mr. Boyd, President and CEO of Endurance. "We look forward to benefiting from Inventus' singular vision of advancing the Pardo property through its exploration growth towards a potential commercial operation".
The transaction is subject to regulatory approval and definitive documentation, and is expected to close on or before November 30, 2016. Endurance does not currently own any securities of Inventus. Immediately following closing of the transaction, Endurance will become the largest shareholder of Inventus with 25.4% of the then issued and outstanding common shares, which is a "Control Person" as that term is defined in the policies of the Exchange.
The Pardo JV Property is comprised of 16 claims located approximately 65 kilometres northeast of Sudbury, Ontario. Inventus is the operator of the Pardo JV Property and holds a 64.5% ownership interest and Endurance owns a 35.5% ownership interest. Endurance's funding obligations for the 2016 Program will be assumed by Inventus on closing of the transaction. The current arbitration process between Endurance and Inventus has been suspended without prejudice and will terminate on closing of the transaction.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.