Endomines AB raises SEK 30 million short-term loan facility and signs an engagement letter with Seaport Global for raising a long-term financing
Endomines AB, Stock Exchange Release 29 April 2020 at 08:45 CEST
A loan facility amounting to SEK 30m have been placed with Danish and Swedish institutional investors. The proceeds from the Loan will mainly be used to finance and facilitate ongoing transactions and financing projects in the company, strengthen working capital needs and financing general corporate purposes of the Endomines group.
The Loan has a six-month tenor and a fixed monthly interest rate of 1.0 percent with an upfront fee of 8.0 percent. The Loan is callable anytime at 100 percent of the nominal amount on the Company’s sole discretion.
Endomines AB is also pleased to announce that it has signed an engagement letter with Seaport Global Securities LLC as its financial advisor for a long-term financing. This will enable Endomines to continue executing on its growth strategy targeting 100.000-ounce gold per years production.
Greg Smith, CEO of Endomines, comments: “I am pleased to confirm the placing of our SEK 30 million loan facility, which now concludes the short-term financing need for Endomines. I want to thank the investors who participated in the loan note. I am also very pleased that we have entered into a partnership with the leading investment bank Seaport Global to help us secure our long-term financing. These steps now taken enable us to proceed with the transaction with Transatlantic Mining announced earlier today, continue the rapid ramp-up at Friday as well as finance ongoing development projects. This financing will help us be on track to have 3 operating underground mines in the US within the next 18-24 months and reach our target goal of annual production 100,000oz.”
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 08:45 CEST on 29 April 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).