AMN - M AND A: Shareholders support SEMAFO acquisition

Endeavour Mining Corporation shareholders have voted overwhelmingly in favour of the plan of arrangement which will see Endeavour indirectly acquire SEMAFO. This will see SEMAFO shareholders receive 0.1422 of an Endeavour common share for each outstanding SEMAFO Share.

Endeavour president and CEO Sebastien de Montessus said: "We are pleased to have the strong support of the shareholders of Endeavour as we take this important step to create a leading West African gold producer.

"The combined company will have improved strategic positioning, an enhanced ability to manage risks, a stronger capital market profile and sustained ability to produce over 1 million ounces of gold while improving the combined group's ability to generate shareholder returns.

"We look forward to working closely with the SEMAFO team to close the transaction and integrate our teams."

As shareholder approvals have now been obtained, Endeavour and SEMAFO will seek to obtain the final order in respect of the Arrangement from the Superior Court of Quebec.

The arrangement remains subject to certain other customary closing conditions and Endeavour has received a notice from the Director of Investments under the Investment Canada Act (ICA) stating that the Minister Innovation, Science and Industry requires additional time to consider whether a review of the arrangement under section 25.3(1) of the ICA concerning national security is needed.

Endeavour will work with the director to address any outstanding questions or concerns, although it is not aware of any reasons for the notice.

The Minister has until June 25, 2020, to consider whether to order such a review. If no such order is issued, and assuming all the remaining customary conditions to the arrangement are satisfied or waived, the closing of the transaction is expected to occur before the end of June 2020.

Endeavour shareholders also voted overwhelmingly in favour of a resolution which approved the issuance of shares in accordance with the subscription agreement entered into between La Mancha Holding Sarl and Endeavour.

Endeavour Mining is a TSX-listed intermediate African gold producer with a solid track record of operational excellence, project development and exploration in the highly prospective Birimian greenstone belt in West Africa.

Endeavour is focused on offering near-term and long-term growth opportunities with its project pipeline and its exploration strategy while generating immediate cash flow from its operations.

Endeavour operates four mines across Cote d'Ivoire (Agbaou and Ity) and Burkina Faso (Hounde and Karma).

www.endeavourmining.com