Endurance Gold Corporation (EDG -- TSX.V) (the "Company") announces that it has sold a further 9 million shares and filed an early warning report in respect of its shareholding in Inventus Mining Corp. (TSXV: IVS) ("Inventus"). Together with the sale of 1 million shares reported on January 10, 2020, the Company has sold a total of 10 million shares of Inventus and reduced its percentage ownership in Inventus to approximately 11.77%.
On January 13, 2020, Endurance sold 9,000,000 common shares of Inventus at an average price of $0.1003 per share for aggregate gross proceeds of $902,700.
Combined gross proceeds from the sales announced on January 10 and 13 are $1,004,800.00. These proceeds will be used to fund the Company's exploration activities in British Columbia and Alaska, and for general working capital purposes.
Immediately prior to the disposition of this additional 9,000,000 common shares, Endurance had ownership of 21,978,000 common shares, representing approximately 19.93% of the issued and outstanding common shares of Inventus, and immediately following this disposition, Endurance now retains ownership of 12,978,000 common shares, representing approximately 11.77% of the issued and outstanding common shares of Inventus.
The disposition was completed for investment purposes. The Company may, in future, increase or decrease its ownership, control or direction over the Inventus' securities through market transactions, private agreements, or otherwise.
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.