IKN

Thy sin’s not accidental

The cat that gets the Cream (CMA.v)?

Endeavour Silver (EDR.to) is out shopping for beaten down bargains, it seems. Here’s how the news starts:

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 27, 2010) – Endeavour Silver Corp. (TSX:EDR – News; NYSE Amex:EXK)(DBFrankfurt:EJD) (“Endeavour”) announced today that it intends to make an all cash offer (the “Offer”) to acquire all of the outstanding common shares of Cream Minerals Ltd. (“Cream Minerals”) (TSX VENTURE:CMA – News). The Offer and related documents are expected to be mailed to Cream Minerals shareholders next week and will be available on SEDAR at www.sedar.com at that time.
Endeavour intends to offer shareholders of Cream Minerals Cdn$0.12 in cash for each common share, which represents a 76% premium to the average closing price of the Cream Minerals shares of $0.068 per share on the TSX Venture Exchange for the 10 trading days ending September 24, 2010, the last trading day prior to the date of this announcement. Endeavour estimates that Cream Minerals has approximately 88.3 million common shares currently outstanding.
“The Offer price of Cdn$0.12 cash per share represents a significant yada yada continues here

So let’s see how this one runs, but at least the move from EDR is logical as it’s about time they did something about their pisspoor minerals reserves situation.

UPDATE: This makes for interesting reading on the Nuevo Milenio property. Small resource so far, plenty of room to drill more rock, but most significantly the terms of the deal Roca struck with CMA.v were pretty expensive for the optioner. A first impression on reading this is lthat EDR.to trying to pay a touch over $10m for the whole company is the type of bid that could get trumped by a 3rd party. DYODD.

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