Endomines AB raises EUR 2 million short-term loan facility

Press release (PDF)
Endomines AB, Stock Exchange Release 28 September 2020 at 12:00 CEST

A loan facility amounting to EUR 2m have been placed with Finnish institutional investors. The proceeds from the Loan will mainly be used to finance and facilitate ongoing transactions and financing projects in the company, to strengthen working capital needs and for general corporate purposes.

The Loan has a six-month tenor and a fixed monthly interest rate of 1.0 percent with an upfront fee of 6.0 percent. The Loan is callable anytime at 100 percent of the nominal amount at the Company’s sole discretion.

Greg Smith, CEO of Endomines, comments: “I am pleased to confirm the placing of the EUR 2 million loan facility, which strengthens the short-term financing need for Endomines. I want to thank the investors who participated in the loan note. During the summer months we have worked relentlessly on a long-term financing solution for Endomines and through extensive discussions with several investors and financial advisors seen a very strong interest for Endomines and our current project portfolio, supported by the recent high gold price. The board and management are talking to investment banks and brokers throughout the US and Europe and working fast in finding the best solution meeting our long-term capital needs. With our upcoming acquisition and closing of US Grant and Kearsarge we are striving to have an imminent financing solution soon.”

For further information, please contact:
Greg Smith, CEO, +44 7717 8809 23, greg.smith@endomines.com

Marcus Ahlström, Deputy CEO and CFO, +358 50 544 68 14, marcus.ahlstrom@endomines.com

This information is information that Endomines AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the contact persons set out above at 12:00 CEST on 28 September 2020.

About Endomines
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. 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).