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Investment company La Mancha had completed a $200m investment into the West Africa-focused miner Endeavour Mining.

The subscription to Endeavour shares is being made under La Mancha’s pre-existing anti-dilution right and was announced as part of the acquisition of Teranga Gold, which was closed in February.

Endeavour issued a total of 8,910,592 ordinary shares to La Mancha at a price of approximately C$29.361 ($22.45) per share, for aggregate net proceeds of $200m.

La Mancha board of managers chairman Naguib Sawiris said: “We remain long-term supporters of Endeavour, as we are thoroughly convinced that the combination of Endeavour’s fantastic assets portfolio, strong balance sheet and proven management ideally positions the company to deliver an uncompromising mix of strong cash-flows, returns to shareholders and organic growth.”

With the completion of the investment, future anti-dilution rights of La Mancha have been extinguished and La Mancha holds a 19% interest in Endeavour Mining.

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By GlobalData

Endeavour Mining has 252,519,830 common shares outstanding.

La Mancha CEO Karim Nasr said: “We believe Endeavour now has an attractive portfolio of mines and a compelling pipeline of projects as it enters a new phase focused on organic growth.

“The company is well diversified with a strong balance sheet and low production cost, enhancing its resilience to operational issues or commodity price moves.”

Endeavour Mining acquired Teranga Gold to create one of the top ten global gold producers.

On a fully diluted in-the-money basis, shareholders of Existing Endeavour and Teranga respectively own approximately 66% and 34% stakes in the combined company.