A waiver from Nordea Bank was received on an expected breach of a loan covenant
Nordea Bank has approved a waiver request from Endomines due to an expected breach on the ebitda-covenant by the Finnish subsidiary Endomines Oy. Finnvera, as guarantor, has given its consent to this waiver. Terms and conditions in the loan agreement remain thereby unchanged.
Total bank loans from Nordea amount to 7.3 MEUR or 71 MSEK, of which guaranteed by Finnvera is 3.6 MEUR. Loan repayments will begin in 2018. The loan agreement with Nordea includes a number of financial loan covenants to be fulfilled by either Endomines Oy or Endomines AB, unless waived by the bank and the guarantor.
Markus Ekberg, CEO, +358-40-706 48 50, markus.ekberg(at)endomines.com
Börje Lindén, CFO, +46 8 611 66 45, borje.linden(at)Endomines.com
This information is information that Endomines AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, at 10:30 CET on December 22, 2016.
Endomines is a gold concentrate producer with mining, development and exploration operations in Eastern Finland along the 40 kilometer long Karelian Gold Line. Through various regulatory approvals, Endomines controls the exploration rights to this entire area. Endomines vision is to participate in the future structural transformation and consolidation of the Nordic mining industry. The Company may therefore be involved in acquisitions of interesting deposits or companies, should such opportunities arise.
The shares trade on Nasdaq Stockholm (ENDO) and Nasdaq Helsinki (ENDOM).