Montreal, Quebec, June 10, 2020 /CNW/ – SEMAFO Inc. (TSX, OMX: SMF)
(“SEMAFO”)
today announced that, in conjunction with the anticipated closing of
the
previously announced Plan of Arrangement transaction with Endeavour
Mining
Corporation (“Endeavour”), SEMAFO’s application to delist its shares
from the
Nasdaq Stockholm has been accepted by the Nasdaq Stockholm,
conditional on
closing of the transaction. As a result, the last day of trading
of SEMAFO
shares over the Nasdaq Stockholm will be June 24, 2020 with trading
suspended
effective June 25, 2020. SEMAFO shares will continue to be listed and
traded
over the Toronto Stock Exchange until closing of the Endeavour
transaction,
which is expected to occur on or around June 29, 2020, provided
that SEMAFO and
Endeavour receive notice (the “ICA Notice”) from the Minister
of Innovation,
Science and Economic Development that it does not intend to
order a review under
section 25.3(1) of the Investment Canada Act by June 25,
2020. If the ICA Notice
is not obtained by that date, closing will not occur at
the date currently
anticipated such that the SEMAFO shares would resume trading
on the Nasdaq
Stockholm pending closing of the transaction.

CAUTION CONCERNING
FORWARD-LOOKING STATEMENTS

This press release contains forward-looking
statements. All statements other
than statements of present or historical facts
are forward-looking. Forward
-looking statements involve known and unknown
risks, uncertainties and
assumptions and accordingly, actual results and future
events could differ
materially from those expressed or implied in such
statements. You are hence
cautioned not to place undue reliance on
forward-looking statements. Forward
-looking statements include words or
expressions such as “expected”,
“anticipated”, “will” and other similar words
or expressions. Factors that could
cause future results or events to differ
materially from current expectations
expressed or implied by the
forward-looking statements include: the ability to
complete the Arrangement on
the terms and timing proposed; the impact on the
closing and timing of the
Arrangement as a result of any review ordered by the
Minister of Innovation,
Science and Development pursuant to the Investment
Canada Act; the ability to
manage the COVID-19 virus; delays, political and
social stability in Africa
(including our ability to maintain or renew licenses
and permits); the security
of our operations; and other risks described in
SEMAFO’s documents filed with
Canadian securities regulatory authorities. You
can find further information
with respect to these and other risks in SEMAFO’s
2019 Annual MD&A as updated
in the 2020 First Quarter MD&A and other filings
made with Canadian securities
regulatory authorities, including the joint
circular relating to the
Arrangement, which are available on SEDAR at
www.sedar.com or the SEMAFO
website at www.semafo.com. SEMAFO disclaims any
obligation to update or revise
these forward-looking statements, except as
required by applicable law.

For
more information, contact:

John Jentz
Vice-President, Corporate Development &
Investor Relations
Email: John.Jentz@semafo.com

Ruth Hanna
Analyst, Investor
Relations
Email: Ruth.Hanna@semafo.com

Tel. local & overseas: +1 (514)
744-4408
North America Toll-Free: 1 (888) 744-4408

Website: www.semafo.com
 (http://www.semafo.com/)

About SEMAFO

SEMAFO is a Canadian-based
intermediate gold producer with over twenty years'
experience building and
operating mines in West Africa. The Corporation operates
two mines, the Boungou
and Mana Mines in Burkina Faso. SEMAFO is committed to
building value through
responsible mining of its quality assets and leveraging
its development
pipeline.