Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199


Search Silver Prices
Silver Price
[Most Recent Quotes from] Our RSS Feed

Silver Updates by Mail

Enter your email address:

Follow Us on Twitter
« Apex Silver Mines Limited: Buy, Sell or Hold? | Main | Hecla Mining: Short-term BUY! »

Endeavour Silver Corporation Sues Canaccord

Endeavour logo 11oct07Canaccord logo 30 May 2008

Bradford Cooke, Chairman and CEO of Endeavour Silver Corporation is suing Canaccord for not following their instructions to buy bonds and instead purchased $5 million dollars worth of Asset Backed Commercial paper (ABCP).

In an interview on BNN Mr Cooke pointed out that the companies instructions had not being implemented correctly as some of their funds were now tied up in ABCPs, which do not provide the liquidity that bonds would have provided. He also pointed out that Endeavour were prepared to come to an arrangement so this issue could well be settled outside of court. Other mining companies, including Barrick have apparently come to similar arrangements to unfreeze their funds, so it looks as though as precedent has been set.

Even though Endeavour does not need these funds at the moment we are pleased to see them stand up for their rights in this matter and call Canaccord to account.

For anyone else out there who believes that they are holding bonds it might just pay to dig deep for confirmation that you have acquired exactly what you ordered.

To watch the interview on BNN in full, just click this link.

Have a sparkling day!

Endeavour Silver Corporation trades as EDR: TSX, EXK: AMEX, EJD: DB Frankfurt.

Please stay tuned for our trading signals by subscribing to The Silver Prices Newsletter completely FREE of charge. Simply click here and enter your email address.

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>