Luxembourg-based La Mancha Resource Capital said on Friday that its fund sold part of its stake in gold producer Endeavour Mining (EDV-T) for about $605-million.
La Mancha said it sold 8.5 million Endeavour shares, or about 3.5 per cent of the company, in a bought-deal offering priced at $71.25 per share.
The price represents a discount of about 8 per cent to Endeavour’s previous close on the Toronto Stock Exchange.
La Mancha said it made the sale to reduce leverage and rebalance its portfolio after the fund’s exposure to Endeavour increased significantly.
Endeavor’s Canada-listed shares fell 6.3 per cent on Friday.