Endeavour Mining, an intermediate gold producer, completed the merger with SEMAFO, a Canadian-based mining company with gold production and exploration activities in West Africa, in a $690m deal. SEMAFO common shares will be exchanged at a ratio of 0.1422 Endeavour ordinary shares per share. The ratio represents a premium of 27.2%. La Mancha is strongly supportive of the transaction and has committed to invest $100m in the pro-forma group. "This combination will create one of the leading gold companies, with the largest portfolio of operating assets located entirely in West Africa. In addition to being immediately accretive on all key metrics, this transaction will enhance our scale as well as providing improved trading liquidity, greater asset diversification and a reduced risk profile for all shareholders," Michael Beckett, Endeavour Chairman.