Endomines Finland Plc has entered into a financing package to start the strategic activities on the Karelian Gold Line and to deepen the Pampalo mine
Endomines AB (publ), Stock Exchange Release, 22 June 2022 at 18:00 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 3,3-3,6 million. Additionally Endomines has preliminary agreed to convert for a new loan the interest of 2021 organised funding as well as EUR 1,6 million bridge loan and other interest and financing payments. The total amount to be converted for a new loan is up to EUR 3,8 million.
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 12 months after drawdown of the loan with the subscription price of 0.20 EUR per share. According to the Financing Agreement, security will be provided for the loans in the form of a second ranking security in the assets, which are pledged with first ranking for the financing organised 2021.
Kari Vyhtinen, CEO of Endomines, comments: “We are very pleased with the financing agreement we have made. With this funding, we will implement our strategy and start activities in the Karelian Gold Line. In addition, we will deepen the Pampalo mine 60 vertical meters down from the current operational level.”
Contact person
Mikko Sopanen, CFO, mikko.sopanen@endomines.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 18:00 CET on 22 June 2022.
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 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).
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