VANCOUVER, British Columbia, Dec. 01, 2025 (GLOBE NEWSWIRE) — Endeavor Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announced today that it has determined the pricing of its previously announced offering (the “Offering”) of unsecured convertible senior notes due 2031 (the “Notes”). The Company intends to issue Notes in an aggregate amount of US$300 million (or US$350 million in aggregate principal amount if the option, which has been increased to US$50 million, granted to the initial purchasers to purchase additional Notes is exercised in full). Endeavor intends to use the net proceeds from the Offering to repay its senior secured debt facility with ING Capital LLC (together with ING Bank NV) and Societe Generale (the “Facility”), to finance the advancement of its Pitarrilla project located in the state of Durango, Mexico, and for general corporate purposes, including strategic opportunities.
The Bonds will pay cash interest semi-annually at a rate of 0.25% per annum. The initial conversion rate of the Notes will be 80.2890 shares of the Company's common stock (the “Shares”) per principal amount of US$1,000 of Notes, which is equivalent to an initial conversion price of approximately US$12.4550 per Share. The Initial Conversion Rate represents a premium of approximately 32.5% over today's NYSE closing market price of the Shares and is subject to adjustment on certain occasions.
The Offering is expected to close on or about December 4, 2025, subject to customary closing conditions, including the approval of the Toronto Stock Exchange and the New York Stock Exchange.
The Notes and Shares issuable upon conversion have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), registered under any state securities laws or qualified by prospectus in Canada. The Notes and Shares may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act. The Notes will be offered only to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) in the United States and outside the United States in accordance with the requirements of Regulation S under the Securities Act. The Notes may not be offered or sold in Canada except pursuant to an exemption from the prospectus requirements of applicable Canadian provincial and territorial securities laws.
This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or the Conversion Shares and does not constitute an offer to sell or a solicitation of an offer to buy or a sale of the Notes or the Conversion Shares in any jurisdiction in which such offer, solicitation or sale is unlawful.
About Endeavor Silver – Endeavor is a mid-tier silver producer with four operating mines in Mexico and Peru and an extensive portfolio of exploration projects in Mexico, Chile and the United States. With a proven track record of discovering, developing and responsibly mining silver, Endeavor is delivering organic growth and creating sustainable value on its path to becoming a leading senior silver producer.
For more information please contact
Allison Pettit
Vice President of Investor Relations
E-mail: [email protected]
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking statements and information contained herein include, without limitation, statements regarding the completion of the Offering, the proposed terms of the Offering, the intended use of proceeds from the Offering and the repayment of the Credit Facility. Forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement. Any forward-looking information and assumptions made with respect thereto speak only as of the date of this press release. The Company does not intend and does not undertake any obligation to update such forward-looking statements or information except as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, production levels, performance or achievements of Endeavor and its operations to be materially different from those expressed or implied by such statements. Such factors include, but are not limited to, failure to satisfy closing conditions to the Offering; market demand for the Notes, unexpected changes in production and estimated costs; the continued impact of inflation and supply chain issues on mining economics; fluctuations in silver and gold prices; fluctuations in currency markets (especially the Mexican Peso, Chilean Peso, Canadian Dollar, Peruvian Sol and the U.S. Dollar); fluctuations in interest rates; consequences of inflation; changes in national and local government, legislation, taxation, controls, regulations and political or economic events in Canada, Peru and Mexico; financial risks associated with precious metals prices; operational or technical difficulties in exploration, development and production of mineral resources; risks and hazards of mineral exploration, development and mining (including, without limitation, environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressure, rockfalls and floods); inadequate insurance or inability to obtain insurance; availability of resources and labor for the mining industry and costs associated therewith; the speculative nature of mineral exploration and development; a decrease in the quantity or quality of mineral reserves as minerals are mined; risks in obtaining the necessary licenses and permits; and challenging the Company's ownership of real estate; and those factors described in the “Risk Factors” section contained in the Company’s most recent Form 40-F, Annual Information Form and subsequent quarterly reports.
Forward-looking statements are based on assumptions that management believes to be reasonable, including, but not limited to: the continued operations of the mining company, the absence of material adverse changes in commodity market prices, the projected economics of the mining operations, mining operations will proceed and production of products will be completed in accordance with management's expectations and will achieve stated operating results, and such other assumptions and factors set forth herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to differ materially from those anticipated, described, estimated, estimated or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
