A waiver from Nordea Bank was received on expected breaches of loan covenants as of 30 June 2017Press release (PDF)
Nordea Bank has approved a waiver request from the Finnish subsidiary Endomines Oy relating mainly due to an expected breach on the ebitda-covenant. 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 or 35 MSEK. Loan repayments will begin in 2018. The loan agreement includes a number of ordinary financial loan covenants to be fulfilled by either Endomines Oy or Endomines AB, unless waived by the bank and the guarantor.
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 10:00 CEST on June 22, 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).