Final outcome of Endomines’ rights issue – Raising approx. 214 million

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The information in this press release is not intended for distribution, publication or public release, directly or indirectly, in or into, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, the United States or any other jurisdiction where the publication or distribution of this press release may be unlawful. Please see the important notice at the end of this announcement.

Endomines AB, Stock Exchange Release 28.1.2021 at 12:30 CET

The final outcome of Endomines AB’s (publ) (“Endomines”) rights issue, for which the subscription period ended on January 25, 2021, shows that a total of 85,590,860 shares, corresponding to approximately 76.0 per cent of the rights issue, were subscribed for.

Approximately 60.5 per cent of the rights issue, or 68,122,752 shares, were subscribed for with subscription rights. Additionally, applications for subscription for 17,468,108 shares without subscription rights, corresponding to approximately 15.5 per cent of the rights issue, were received. These shares have been allotted in accordance with the principles set out in the prospectus regarding the rights issue. In Sweden, notification regarding the allotment of shares will be sent to those who have been allotted shares. In Finland investors who subscribed for shares without rights will receive information on allotment of shares from their custodian. Shareholders with nominee-registered holdings will receive notification of the allotment in accordance with the procedure of the respective nominee.

As the total subscription in the rights issue exceeds MSEK 168, the guarantors of the rights issue will not subscribe for any shares under their respective guarantee undertakings, in accordance with the terms and conditions of these guarantee undertakings.

The rights issue provides Endomines with approximately SEK 214 million before deduction of costs related to the issue. The subscription price has been paid all in cash and no set-off of debts was made through the rights issue.

As a result of the rights issue, the total number of shares will, after registration of the rights issue, increase by 85,590,860 from 131,305,175 to 216,896,035 and the share capital will increase by SEK 171,181,720 from SEK 262,610,350 to SEK 433,792,070.

Indicative timetable

9.2         The rights issue is registered at the Swedish Companies Registration Office (Sw. Bolagsverket) (on or about)

10.2       Trading in BTA/Interim shares ends on Nasdaq Stockholm (on or about)

12.2       BTA/Interim shares are converted into existing share class at Euroclear Sweden (on or about)

15.2       Trading in BTA/Interim shares ends in Helsinki and they are converted into existing share class at Euroclear Finland (on or about)

16.2       Trading in new shares combined with existing share class begins on Nasdaq Stockholm and on Nasdaq Helsinki (on or about)

I am pleased with the outcome of our rights issue, which demonstrates strong support by our current shareholders and a large number of new investors for our continued development plans. The proceeds from the rights issue will enable us to continue ramping up gold production at the Friday mine in Idaho, USA and carry out further exploration in the area. The proceeds will also be used to deepen and re-start the Pampalo mine during the year and to continue exploration along the Karelian Gold Line. In addition, we will be able to explore and develop our newly acquired US Grant and Kearsarge mine development projects towards production in 2022. Altogether, the rights issue is an important step in developing the company into a new Endomines with a long-term platform for growth. I wish to truly thank our existing and new shareholders for giving Endomines this opportunity and look forward to the further development work with great anticipation and dedication.”
Interim CEO, Rauno Pitkänen

“We want to warmly thank our current shareholders for their loyalty and strong belief in Endomines and we welcome our new investors and shareholders to the company. Some of our large shareholders did not have the financial resources to participate in this issue. However, due to oversubscription by certain other shareholders, the Nordic ownership structure will be significantly strengthened, and the company has the means to pursue development of its mine development and exploration assets in the US and Finland.” 
Chairman, Ingmar Haga

Financial and legal advisors

Evli Bank is financial advisor and Cederquist is legal advisor to Endomines in connection with the rights issue.

Contact person
Marcus Ahlström, CFO, +358 50 544 68 14,

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 person set out above at 12:30 CET on 28 January 2021.

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).

Important notice

The information in this press release does not contain or constitute an offer to acquire, subscribe or otherwise trade in shares, subscription rights or other securities in Endomines. Any invitation to the persons concerned to subscribe for shares in Endomines is only made through the prospectus which Endomines made public on January 7, 2021.

This press release may not be released, published or distributed, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, the United States or any other jurisdiction where participation would require additional prospectuses, registration or measures besides those required by Swedish law. Nor may this press release be distributed in or into such countries or any other country or jurisdiction in which distribution requires such measures or otherwise would be in conflict with applicable regulations. Any failure to comply with the restrictions described may result in a violation of applicable securities regulations.

The subscription rights, paid subscribed shares and shares in Endomines have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) or the securities legislation of any state or other jurisdiction in the United States and no subscription rights, paid subscribed shares or shares may be offered, subscribed for, exercised, pledged, sold, resold, granted, delivered or otherwise transferred, directly or indirectly, in or into the United States except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements under the Securities Act and in compliance with the securities legislation in the relevant state or any other jurisdiction of the United States.

There will be no public offering of such securities in the United States. The securities referred to herein have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission or other regulatory authority in the United States, nor have any of the foregoing authorities passed upon or endorsed the merits of the rights issue or the accuracy or adequacy of this announcement. Any representation to the contrary is a criminal offence in the United States.

This press release contains certain forward-looking information that reflects Endomines’ present view of future events as well as financial and operational development. Words such as “intend”, “assess”, “expect”, “may”, “plan”, “believe”, “estimate” and other expressions entailing indications or predictions of future development or trends, not based on historical facts, constitute forward-looking information. Forward-looking information is inherently associated with both known and unknown risks and uncertainties as it depends on future events and circumstances. Forward-looking information is not a guarantee of future results or development and actual outcomes may differ materially from the statements set forth in the forward-looking information.

In case of differences between the Swedish, Finnish and English language versions of this press release, the Swedish language version shall prevail.



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