LDA uses the investor call option and provides convertible loan to Endomines
Endomines Finland Plc – Stock Exchange Release, 3.4.2023, at 12.00 EET.
Related to the LDA funding, published on January 4th, 2023, LDA uses the investor call option and provides a convertible loan to Endomines Finland Plc. Endomines has received an Investor Call Notice for the directed issue of a convertible loan as follows: EUR 1,000,000, which will be issued immediately. According to the funding agreement, the investor has the right to request the issuance of convertible loans.
The directed Issue of convertible loans is carried out as part of the financing package between Endomines and LDA, announced in a Stock Exchange Release on May 8th, 2021, and for which the convertible loan authorisations were granted by the Endomines Annual General Meeting on June 10th, 2021. The financing package includes a convertible loan agreement.
Each convertible has a nominal value of EUR 10,000 and will be issued at a subscription price per convertible of 100 percent of the nominal value. In accordance with the agreement, the conversion price shall correspond to 85 percent of the daily volume weighted average price of Endomines Finland Plc's share on Nasdaq Helsinki during the 15 trading days preceding the date of the conversion, which according to the Board of Directors assessment, is in line with the market value with a customary discount. The convertibles accrue no interest, and the maturity date of the loan is 18 months from the date of registration at the Finnish Patent and Registration Office. The convertibles may be converted into new shares in the company during the period commencing on the date of registration up to and including the maturity date. If the convertibles have not been converted before the maturity date, the company has the right to either (i) redeem in cash the outstanding amount of the convertibles on the maturity date at a price corresponding to 115 percent of the outstanding amount or (ii) convert all outstanding convertibles on the maturity date into shares of the company.
Endomines Finland Plc
Contact person
Mikko Sopanen, CFO, mikko.sopanen@endomines.com, +358 50 434 7439
Endomines
Endomines is a mining and exploration company with its primary focus on gold. Endomines is engaged in mining operations at the Pampalo mine in Ilomantsi, and in exploration activities along the Karelian Gold Line in Eastern Finland. Endomines also owns rights to several gold deposits in Idaho and Montana, US, where Endomines aims to continue the development work through partnership agreements. www.endomines.com
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