Teranga Shareholders and Optionholders Vote in Favour of the Arrangement Agreement with Endeavour

TORONTO, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ; OTCQX:TGCDF) is pleased to announce that its shareholders and optionholders have voted in favour of the resolution (the “Resolution”) approving the arrangement agreement (the “Agreement”) pursuant to which Endeavour Mining Corporation (“Endeavour”) will indirectly acquire all of the issued and outstanding common shares of Teranga on the basis of 0.47 Endeavour voting ordinary share for each Teranga common share (the “Arrangement”). Over 99% of votes cast were in favour of the Resolution.

“With strong shareholder support, Teranga and Endeavour are one step closer to combining to create a best-in-class senior gold producer with our high grade, tier one Sabodala-Massawa operation as its crown jewel and supported by strong production from Wahgnion. It will also have one of the most attractive organic growth pipelines with the addition of Golden Hill and Afema, to Endeavour’s already solid pipeline,” said Richard Young, President and Chief Executive Officer.

“On behalf of the board of directors, I would like to thank our shareholders, our employees and the communities and governments we have worked with over the years,” said Alan Hill, Chairman. “The Teranga team has done an outstanding job unlocking value on behalf of all of our stakeholders and we look forward to watching the new Endeavour grow.”

Arrangement Resolution Voting Results

	Votes For	% Votes For	Votes Against	% Votes Against
All voting shareholders and optionholders as a single class	138,648,053	99.35%	907,604	0.65%
All voting shareholders except those required to be excluded under Multilateral Instrument 61-101	114,647,419	99.22%	902,604	0.78%

A report on voting results will be filed under the Company’s profile on SEDAR at www.sedar.com.

Endeavour has separately announced today that its shareholders also approved the issuance of Endeavour voting ordinary shares in connection with the Arrangement at a special meeting of Endeavour shareholders held today.

The Arrangement is expected to close in February 2021, subject to the satisfaction of customary closing conditions, including final court approval and the receipt of Investment Canada Act (Canada) approval.