Endeavour Mining, a TSX-listed intermediate gold producer, acquired Avnel Gold Mining, a TSX-listed gold mining, exploration and development company with operations in southwestern Mali in West Africa, for $122m. Under the terms of the scheme, Avnel shareholders received 0.0187 of an Endeavour share for each Avnel share held, which represents a value of C$0.42 per share based on Endeavour's 5 days VWAP (C$ 22.58 per share) on the TSX on 28 June 2017 and a total transaction consideration of approximately C$159m ($122m). This represents a premium of 48% to the closing price of Avnel's ordinary shares on the TSX on 28 June 2017, and a 52% premium based on Avnel's 20-day trailing VWAP on the TSX for the period ending on 28 June 2017. Howard Miller, Chairman and CEO of Avnel, said: "This transaction with Endeavour will deliver many benefits to all our stakeholders. Avnel's shareholders will receive an immediate premium and benefit from the Kalana project being part of a diversified West African gold producer with significant growth potential and an experienced operational team. With a strong track record of successfully building mines on time and on budget in West Africa, we are confident that Endeavour is the ideal partner to develop Kalana. As such, this transaction will benefit our shareholders, the local community and our partners in the Malian government."