Endomines Finland Plc has entered into a financing packagePress release (PDF)
Endomines AB (publ), Stock Exchange Release, 5 September 2022 at 14:00 CET
Endomines AB’s subsidiary Endomines Finland Plc (“Endomines Finland”) has entered into a financing package with a group of Finnish investors including a new loan for an aggregated amount of EUR 3,0 million. The new funding is used to repay the USD 2,0 million interest-bearing liability which is due in September 2022 and to invest in the exploration activities at Karelian Gold Line. Endomines has also agreed to prolong the maturity date by one year for EUR 7,1 million of 2021 organised convertible loan to be on 2024 instead of previous 2023.
The Financing Agreement has a maturity of 24 months and 10 % p.a. interest as well as arrangement fee of 5 % on the new financing part. According to the Financing Agreement, Endomines Finland undertakes to resolve on a right for the lenders to mainly convert the loans, partly or in full, to shares in Endomines 6 months after drawdown of the loan with the subscription price of average rate of stock price during September 15th - December 31st 2022 or 0.20 EUR per share. According to the Financing Agreement, security will be provided for the loans.
“We are very pleased with the financing agreement we have made. With this financing, we will ensure a strong start on the exploration activities at Karelian Gold Line and cover current capital needs.”, says Kari Vyhtinen, CEO of Endomines
Mikko Sopanen, CFO, email@example.com, +358 50 434 7439
This information is information that Endomines AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the contact person set out above at 14:00 CET on 5 September 2022.
Endomines is a mining and exploration company with its primary focus on gold. The Company explores for gold along the Karelian Gold Line in Eastern Finland and develops mining operations in Idaho, USA and Finland. Endomines aims to improve its long-term growth prospects by increasing its exploration activities and through acquisitions. Endomines aims to acquire deposits that are situated in stable jurisdictions and can be brought to production rapidly with limited investments.
The shares trade on Nasdaq Stockholm (ENDO) and Nasdaq Helsinki (ENDOM).