A waiver on bank loans was received on expected breaches of loan covenants as of 31 December 2017Press release (PDF)
The lender has approved a waiver request from Endomines relating to expected breach on loan covenants as of 31 December 2017. The guarantor, Finnvera, has given its consent to this waiver. Terms and conditions in the loan agreement remain thereby unchanged.
In the waiver received today the bank and the guarantor have temporarily waived the Company´s testing obligation in respect of Minimum Equity Ratio, Minimum EBITDA and Minimum level of Cash and Cash Equivalents regarding the Accounting Date of 31 December 2017.
Total bank loans subject to the waiver amount to 74.1 MSEK (EURSEK at 9.77), of which 2.9 MSEK is short-term.
Saila Miettinen-Lähde, CEO, +358 40 548 36 95, saila.miettinen-lahde(at)endomines.com
This information is information that Endomines AB is obliged to make public pursuant to the Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, at 16:30 CET on 7 November, 2017.
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).