March 4, 2016 / 2:15 PM / 2 years ago

Canada's Endeavour Mining to buy True Gold for about C$240 million

(Reuters) - Canadian miner Endeavour Mining Corp (EDV.TO) agreed to buy True Gold Mining Inc TGM.V for about C$240 million in stock giving it access to a low-cost gold mine nearing production in Burkina Faso.

Endeavour will pay 0.044 of its share for each True Gold share. The offer values True Gold at about C$0.57 per share, a premium of roughly 43 percent to the stock’s close on Thursday.

    The deal is expected to close in late-April, True Gold said in a statement.

    National Bank Financial Inc is acting as financial adviser to True Gold and Blake, Cassels & Graydon LLP is the legal counsel. Haywood Securities Inc provided a fairness opinion on the deal.

    Reporting by Manish Parashar in Bengaluru; Editing by Savio D'Souza

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