Endeavor Retires $1,600,000 Debt
Endeavor Energy reported that in connection with the acquisition of its wholly owned subsidiary, Endeavor Canada Corporation, it has retired approximately $1,640,000 in debt and accrued interest. Nine holders of convertible debentures obligating Endeavor Canada to pay a principal amount of $1,500,000 plus accrued interest accepted 1,093,165 shares of Endeavor's common stock at an agreed share price of $1.50 in satisfaction of the debt. All shares tendered by Endeavor were unregistered and subject to the restrictions of Rule 144 of the Securities Act of 1933.
Endeavor President and CEO, Cameron King, stated, "The original investors of Endeavor Canada have maintained a very strong commitment to the long-term growth of Endeavor Energy and its operations. This is evidenced today by their election to accept repayment of their original investment in the restricted common shares of the company. I believe investors are optimistic about the international component of our business plan and the opportunity it represents."
Mr. King continued, "We thank all of our investors who supported our efforts during the early stages and again today for their continuing support by taking a long-term equity position with the company. We believe this decision is a vote of confidence and we will work hard to deliver value to all of our shareholders over the coming months. In my opinion, this is a very exciting time for Endeavor Energy."
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