Resolutions from Extraordinary General Meeting of Endomines AB (publ) on 10 December 2019
Endomines AB, Stock Exchange Release 10 December 2019 at 15:20 CET
Endomines AB (publ) has today held an Extraordinary General Meeting (the “EGM”). The EGM resolved, in accordance with the Board of Directors' proposals, to amend the terms and conditions of the convertible loan and to authorise the Board of Directors to resolve on issue of new shares, warrants and convertible bonds.
Amendment to the terms and conditions of the convertible loan
The EGM resolved to approve the Board of Directors' proposal to amend the terms and conditions of the convertible loan between Endomines and TVL Gold 1, LLC. In brief, the amendment to the terms and conditions entails that all of Endomines secured convertibles issued during 2018 will be converted into shares in Endomines within four months, i.e. conversion will be mandatory and not optional, substantially in accordance with the new terms and conditions set out below:
- an annual interest of 10.0 per cent (previously 6.0 per cent) and that accrued interest shall be paid in cash,
- the convertible holder shall convert 50 per cent of the loan into new shares in Endomines at a conversion price of SEK 5.85 per new share in Endomines, three banking days after the new terms and conditions for the convertibles have been registered with the Swedish Companies Registration Office and the remaining 50 per cent of the loan into new shares in Endomines at a conversion price of SEK 6.00 per share on 31 March 2020 by the latest.
After conversion in accordance with the new terms and conditions, the number of shares in Endomines will increase with up to 33,490,597 shares, and the share capital will increase with up to SEK 100,591,574 (after recalculation following the preferential rights issue to Endomines' shareholders which was made during the first half of 2019).
The new terms and conditions are available in full on Endomines website.
Authorisation for the Board of Directors to resolve on issue of new shares, warrants and convertible bonds
The EGM resolved to approve the Board of Directors' proposal to authorise the Board of Directors to, during the period until the next Annual General Meeting, resolve to issue new shares, warrants and/or convertible bonds corresponding to an increase of no more than twenty (20) per cent of the total amount of shares in Endomines (after the conversion of the secured convertibles issued in 2018 to a maximum of 33,490,597 shares).
Contact person
Marcus Ahlström, Deputy CEO and CFO, +358 50 544 68 14, marcus.ahlstrom@endomines.com
This information was submitted for publication through the contact person set out above at 15:20 CET on 10 December 2019.
About Endomines
Endomines AB 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).
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