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UPDATE 1-Endeavour Silver bids C$10.6 mln for Cream Minerals
September 27, 2010 / 2:36 PM / 7 years ago

UPDATE 1-Endeavour Silver bids C$10.6 mln for Cream Minerals

* Bid values Cream at C$0.12/shr, 60 pct premium

* Endeavour shrs open up slightly at C$4.24

* Santa Fe Gold bids C$10.2 mln for Columbus Silver (Adds Santa Fe-Columbus deal)

TORONTO, Sept 27 (Reuters) - Small-cap miner Endeavour Silver (EDR.TO) said on Monday it intends to buy explorer Cream Minerals CMA.V in an C$10.6 million ($10.3 million) all-cash deal.

The offer represents a 60 percent premium over Cream’s closing price of 7.5 Canadian cents a share on Friday on the TSX Venture Exchange. It values each of the estimated 88.3 million Cream common shares at 12 Canadian cents.

Vancouver-based Endeavour said its offer provides full value for Cream’s main asset, the Nuevo Milenio exploration property in western Mexico.

Endeavour Silver shares opened slightly higher on Monday at C$4.24 on the Toronto Stock Exchange, while Cream Minerals shares were halted on Friday at 7.5 Canadian cents.

Also on Monday, Vancouver-based junior explorer Columbus Silver Corp (CSC.V) said it would sell itself to Santa Fe Gold Corp SFEG.OB in a C$10.2 million all-share deal.

Current Columbus shareholders will receive 0.17167 Santa Fe shares for each Columbus share, and will own about 9.5 percent of Santa Fe on a fully diluted basis.

The deal is subject to regulatory approval and a vote by Columbus shareholders.

Columbus Silver shares last traded on Thursday at 12.5 Canadian cents, while Santa Fe Gold shares dipped 5.41 percent to US$1.05 on the over-the-counter Bulletin Board.

$1=$1.03 Canadian Reporting by Julie Gordon; editing by Peter Galloway

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