Endeavour Mining (TSE:EDV)

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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Thu Mar 18, 2010 8:44 pm

DoctorSolar wrote:
Pixel8r wrote:I put out a buy signal on this on the 22nd Feb, just before the recent surge. :thumbup:

viewtopic.php?f=2&t=143&start=80#p2937

Nice call. Just read on stockhouse a calculation that:

Current CRU Price=$3.53 per EDV Share

Is that right?

I work it out as this;

855,793,211 CRU @ $0.385 = $329.48 million (Latest EDV News Release)

EDV Issued & Outstanding = 97,722,902 (from the last Dec 09 Financial statement)

$329,480,386 / 97,722,902 = $3.37

Current EDV Price = $2.62 which is a 28.6% discount to their CRU holding alone.
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Thu Mar 18, 2010 9:03 pm

Plus the holding in Etruscan Resources;

179,438,789 EET @ $0.42 = 75.36 Million

$75,364,291 / 97,722,902 = $0.77

So CRU + EET value per share = $3.37 + $0.77 = $4.14

So the value of EDV holding of CRU + their holding of EET = 58% discount EDV current share price

$4.14-$2.62/$2.62x100 = 58% (Value - Cost / Cost x 100 = Percentage)
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Re: Endeavour Financial (TSE:EDV)

Postby DoctorSolar » Thu Mar 18, 2010 11:28 pm

Pixel8r wrote:Plus the holding in Etruscan Resources;

179,438,789 EET @ $0.42 = 75.36 Million

$75,364,291 / 97,722,902 = $0.77

So CRU + EET value per share = $3.37 + $0.77 = $4.14

So the value of EDV holding of CRU + their holding of EET = 58% discount EDV current share price

$4.14-$2.62/$2.62x100 = 58% (Value - Cost / Cost x 100 = Percentage)


58% discount! And thats before you take in to account all their other holdings!

I know its had a big surge lately but are there any other factors that might be holding this thing back? Debt issues? Litigation by other parties etc? All seems a bit too good to be true. I mean why would your average investor even consider buying CRU or EET when they can buy them at a big discount via EDV?
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Fri Mar 19, 2010 11:47 am

DoctorSolar wrote:58% discount! And thats before you take in to account all their other holdings!

I know its had a big surge lately but are there any other factors that might be holding this thing back? Debt issues? Litigation by other parties etc? All seems a bit too good to be true. I mean why would your average investor even consider buying CRU or EET when they can buy them at a big discount via EDV?

There is a ongoing legal case but EDV don't seem worried about it. Gold Reserve Inc. have a market cap of $62.28 Mil and are trying to sue for $550 Million.

I haven't seen anything on this recently, but I guess if there was any chance this could get out of hand they could just buy Gold Reserve.

9.1 Legal Proceedings
- 15 -

On December 16, 2008 the Company was notified of a claim filed against it by Gold Reserve Inc.
("Gold Reserve") in the Ontario Superior Court of Justice. Gold Reserve's claim against the
Company arises out of an Advisory Agreement pursuant to which the Company agreed to
provide financial advisory services to Gold Reserve. Gold Reserve alleges that by virtue of
having been retained as Gold Reserve's financial advisor, the Company obtained access to all of
Gold Reserve's proprietary and confidential information. Gold Reserve alleges that the
Company wrongfully shared this information with a third party, which is a co-defendant in the
action, and further alleges that the Company has committed breaches of various duties owed to
Gold Reserve under the Advisory Agreement and at common law. Gold Reserve claims that it
has suffered and will continue to suffer damages and irreparable harm for which the Company
is liable. Gold Reserve is seeking $500 million in damages in addition to $50 million in punitive
damages from the Company and the co-defendant. In connection with this action, an interim
motion was granted on February 10, 2009 and the co-defendant filed a statement of defence and
counterclaim on March 31, 2009. The Company filed a statement of defence and counterclaim
on August 19, 2009. No trial date has been set. The Company believes the claim is without
merit and intends to vigorously defend the action.
No accrual for this contingency has been
made in the financial statements.
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EDV Buys More CRU

Postby Pixel8r » Fri Mar 19, 2010 10:27 pm

Endeavour Financial Luxembourg SARL ("Endeavour") has on 19 March 2010 acquired 5,000,000 common shares of Crew Gold Corporation (the "Issuer") on the Oslo Stock Exchange at an average price of NOK 2.34. Following the acquisition Endeavour holds 860,793,211 common shares of the Issuer, representing 40.25% of the outstanding shares and votes of the Issuer.

The calculation of the above percentage is calculated on the basis of a total number of common shares outstanding in the Issuer of 2,138,450,563 common shares.

Luxembourg, Grand-Duchy of Luxembourg
March 19, 2010

http://www.newsweb.no/newsweb/search.do?messageId=256477
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Mon Mar 22, 2010 2:03 pm

Crew Gold Corp trading at $0.425 up another 11.8% today.

So now the EDV holding of CRU is worth;

860,793,211 x $0.425 = $365.837 Million or $3.74 per share.

EDV ($2.51) Discount to CRU holding alone now = 49%
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Mon Mar 22, 2010 4:34 pm

Scratch the above CRU are now up 27.6% today @ 0.485!!!!
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Mon Mar 22, 2010 10:56 pm

CRU finished up another 28.9% today closing at $0.49

So now the EDV holding of CRU is worth;
860,793,211 x $0.49 = 421.788 Million or $4.31 per share.

EDV @ $2.60 (+6.9% today) is now at a 65% discount to it's CRU holding alone. This has got some serious catching up to do, great for any holders.

Potential EDV Lawsuit - over at stockhouse.

"We just found that there is a lawsuit of $550 million against Rusoro and Endeavour attempted by Gold Reserve. This lawsuit came after the decision of Venezuella to expropriate Gold Reserve's Brisas property and after a takeover bid by Rusoro Mining for Gold Reserve's Brisas project. According to Endeavour, the lawsuit has no basis and the Management discussion explains their position. "
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Thu Mar 25, 2010 10:54 pm

Endeavour Financial Luxembourg SARL ("Endeavour") has on 23 March 2010 acquired 3,750,000 common shares of Crew Gold Corporation (the "Issuer") on the Oslo Stock Exchange at an average price of NOK 2.91. Following the acquisition Endeavour holds 864,543,211 common shares of the Issuer, representing 40.43% of the outstanding shares and votes of the Issuer.

The calculation of the above percentage is calculated on the basis of a total number of common shares outstanding in the Issuer of 2,138,450,563 common shares.

Luxembourg, Grand-Duchy of Luxembourg
March 23, 2010


http://www.newsweb.no/newsweb/search.do?messageId=256661
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Re: Endeavour Financial (TSE:EDV)

Postby DoctorSolar » Sun Mar 28, 2010 1:12 pm

Pixel8r wrote:CRU finished up another 28.9% today closing at $0.49

So now the EDV holding of CRU is worth;
860,793,211 x $0.49 = 421.788 Million or $4.31 per share.

EDV @ $2.60 (+6.9% today) is now at a 65% discount to it's CRU holding alone. This has got some serious catching up to do, great for any holders.

Potential EDV Lawsuit - over at stockhouse.

"We just found that there is a lawsuit of $550 million against Rusoro and Endeavour attempted by Gold Reserve. This lawsuit came after the decision of Venezuella to expropriate Gold Reserve's Brisas property and after a takeover bid by Rusoro Mining for Gold Reserve's Brisas project. According to Endeavour, the lawsuit has no basis and the Management discussion explains their position. "


Saw a post over at stockhouse suggesting that EDV is preparing to do a private placement at $2.25 plus warrants and that is the reason EDV is at a discount i.e. dilution at lower price per share ahead. Wish I had just bought CRU when I saw it at 13 cents. Ah well such is life.

I am long EDV and therefore really hope it does well but I have a nagging doubt in my head about reasons for the current discount to NAV.
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Sun Mar 28, 2010 1:40 pm

DoctorSolar wrote:Saw a post over at stockhouse suggesting that EDV is preparing to do a private placement at $2.25 plus warrants and that is the reason EDV is at a discount i.e. dilution at lower price per share ahead. Wish I had just bought CRU when I saw it at 13 cents. Ah well such is life.

I am long EDV and therefore really hope it does well but I have a nagging doubt in my head about reasons for the current discount to NAV.

Even if they do a PP, they will only use the cash raised to progress their strategy of combining some juniors to make a mid tier. So we could see some dilution then an increase in NAV again. The last placement when they raised $100 million was put to very good use, I expect the same to happen from this one.

I also wish i had bought some CRU when I first saw EDV were interested, but am gad to hold EDV for the long term. Am up around 60% so far, so no need to be greedy. :)
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Re: Endeavour Financial (TSE:EDV)

Postby DoctorSolar » Sun Mar 28, 2010 5:30 pm

Pixel8r wrote:Even if they do a PP, they will only use the cash raised to progress their strategy of combining some juniors to make a mid tier. So we could see some dilution then an increase in NAV again. The last placement when they raised $100 million was put to very good use, I expect the same to happen from this one.


Good point there Pix. Guess we'll just have to wait and see how that pans out. If they do manage to make 1 million ounce producer through amalgamation without paying too much and diluting too much then this will fly. But then thats always the challenge isnt it :D

Am up around 60% so far, so no need to be greedy.


Nice timing. Just think of the poor b&stards that got in in the 8-10 dollar range just a few years back tho. Do you have a price target? Do you think we could see those levels again?
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Sun Mar 28, 2010 7:13 pm

DoctorSolar wrote:Nice timing. Just think of the poor b&stards that got in in the 8-10 dollar range just a few years back tho. Do you have a price target? Do you think we could see those levels again?

I haven't really set myself a target as I think I will probably sell these before they reach the top, due to wanting to buy a house in a couple of years. But you never know I may keep them if the dividends kick back in and I still like what the company is doing.

Do you have any Jinshan, they have been my best this year with 1000% increase?
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Mon Mar 29, 2010 8:23 am

Why You Should Own Gold

Robert Lenzner, 03.24.10, 06:00 PM EDT
Canadian miner Frank Giustra argues the case for the yellow metal.

Vancouver native Frank Giustra has been in the venture capital business for decades. After a hard look at gold and paper currencies through history, he became convinced in 2001 that gold was poised for a long-term climb in direct contrast with a long-term fall for the U.S. dollar.

Giustra founded Wheaton River and began buying small gold mines. The firm was merged in 2004 into Goldcorp Inc. ( GG - news - people ), the giant ($27 billion market value) mining concern.

Giustra next founded Gold Wheaton to buy gold from mining firms that were primarily interested in excavating copper and iron ore. Giustra is also behind New Gold Inc. ( NGD - news - people ) and Northern Orion Resources ( NTO - news - people ), Inc., which are both involved in mining gold.

Another Giustra venture, Endeavor Resources, trades in Toronto and owns 41% of Etruscan Resources, Inc., operator of a gold mine in Burkina Fasso, another West African nation. Endeavor is in a bidding war for Crew Gold, whose shares have quadrupled from 12 cents a share to 49 cents a share. Below, Giustra shares his views on gold's prospects....
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Tue Mar 30, 2010 1:58 pm

Recent Endeavour Financial investor presentation where they detail the value of their underlying assets as $529 million or $6.14 per share as of 23rd March 2010.

Investor Presentation | March 23, 2010 [SWF]

Investor Presentation | March 23, 2010 [PDF]
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Thu Apr 01, 2010 6:39 am

Looks like they are targeting 50% +1.

Re: News Release - Wednesday, March 31, 2010
Endeavour Acquires Additional 3.01% Interest In Crew Gold
Corporation Taking Ownership To 43.03%
=======================================================================

George Town, Grand Cayman - Endeavour Financial Corporation is pleased to announce that its wholly owned subsidiary, Endeavour Financial Luxembourg SARL ("Endeavour" or the "Corporation") has acquired 64,402,219 additional restricted common shares of Crew Gold Corporation ("Crew"), which represents 3.01% of Crew's issued and outstanding common shares, at prices ranging between NOK 2.28 and NOK 2.93 per share (C$0.39 to C$0.50, based on the Bank of Canada noon spot rate of exchange on March 31, 2010 of 1 NOK = C$0.1709). The restricted shares were acquired in transactions which took place in Norway and on the Oslo Bors.

Prior to these acquisitions, Endeavour held 855,793,211 restricted common shares of Crew. After giving effect to these acquisitions, Endeavour holds 920,195,430 restricted common shares of Crew representing 43.03% of Crew's issued and outstanding common shares.
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Fri Apr 02, 2010 10:31 am

Severstal out run by Endeavour, EDV now free to get 50%+1 of Crew.

Severstal says no tender offer for Crew Gold shares

* Says Crew shares priced higher than its earlier buys

* Says concerned over Endeavour's buy of Crew Gold shares

* Seeks special shareholder meet, board nomination

* Crew Gold shares fall 16 pct


April 1 (Reuters) - Russian steelmaker Severstal (CHMF.MM) said it would no longer be making a tender offer for the shares of Crew Gold (CRU.TO) and called for a shareholders meet to reconstitute and seek position on the board, sending Crew Gold shares down as much as 16 percent.

Severstal, which was looking to buy a majority stake in the Oslo- and Toronto-listed Crew Gold, expressed concern over recent purchases of Crew Gold shares by Canadian merchant bank Endeavour Financial Corp (EDV.TO).

Endeavour, through its unit has been acquiring shares of Crew Gold from the market, and currently owns about 43 percent of Crew's shares and has three board positions...
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Fri Apr 02, 2010 11:07 am

I wonder who their next target will be in the West African mining merger? Cluff, Avocet, Resolute, Perseus, Golden Star or Semafo. If we can work out who it would be they will be worth buying direct.

From looking at the graphics on page 8 of their latest investor presentation, Cluff seems a likely target based on their market cap and reserves (http://www.cluffgold.com).

If they manage to buy 50% of Crew & Cluff to go with their 50% of Etruscan and then merge them, the new company would one of the largest in west africa with the most total reserves.

This would give them the rerating that they have been looking for. Intermediate producers receive a higher valuation than juniors, so on buying these three juniors then combining them into an intermediate producer they raise the value of the combined company. This can be seen on the last page of the above presentation.

So what I am expecting is for EDV to do another placement to raise funds, then use them to complete their purchase of Crew and start buying Cluff. As a medium term investment (1-2 years) this looks to be a very good opportunity to me. Endeavour appear to be ahead of them game to me in this, as mergers will be the way of the future in the gold mining world IMO.
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Re: Endeavour Financial (TSE:EDV)

Postby DoctorSolar » Sun Apr 25, 2010 7:54 am

Beginning to feel nervous about this one... which is usually a good buying indicator :lol:

I've found when it feels most difficult mentally to buy that usually turns out to be the right time to do just that. Reminds me of this classic Seinfeld episode. I am George!!

[youtube]cKUvKE3bQlY[/youtube]

A few of my other micro-cap explorers are feeling the heat too: African Queen, Sacre-coure minerals both down significantly. Anyone else following these two? If so maybe I can start a separate thread for them?
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Re: Endeavour Financial (TSE:EDV)

Postby Pixel8r » Sun Apr 25, 2010 9:39 pm

DoctorSolar wrote:A few of my other micro-cap explorers are feeling the heat too: African Queen, Sacre-coure minerals both down significantly. Anyone else following these two? If so maybe I can start a separate thread for them?

I have both of those but only minor positions, the African Queen came as I owned Pan African before the buyout. I am have a number of TSX.V stocks within a TDW account which I am tending just to leave alone. I am more concentrating on any TSE stocks because I can hold them within my selftrade ISA.

BTW I am not buying more EDV at the moment, but not selling either.
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