Endomines' Board of Directors decided to use the option to raise an additional convertible loan to start gold production in Hosko
Endomines Finland Plc – Stock Exchange Release, 6/9/2023, at 17.00 EET
Endomines' Board of Directors decided to use the option to draw down an additional convertible loan to start gold production in Hosko
In connection with the agreement disclosed on 20 June 2023 with a group of Finnish investors, regarding a convertible loan of up to EUR 3.6 million, the Board of Directors of Endomines has decided to use its option to draw down another EUR 1.8 million convertible loan in October 2023. As with the first, the second convertible loan has a maturity of 36 months and an annual interest rate of 12.0%.
Under the terms of the financing agreement, the convertible loans can be exchanged in whole or partly into shares of the company, 24 months after the drawdown date of the loan. The subscription price of the convertible loan is the average share price for the period 1.9.2023–30.9.2023 reduced by 15%. Apart from the subscription price, the other terms, and conditions of the second loan will be the same. The minimum amount to be invested by the members of the group of investors in the financing arrangement is EUR 100,000.
Endomines Finland Plc
Contact Information:
Kari Vyhtinen, CEO
kari.vyhtinen@endomines.com, +358 40 585 0050
Minni Lempinen, acting CFO
minni.lempinen@endomines.com, +358 40 769 3483
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian gold line, in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries, and we also create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. We are a growing mining company who embrace new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal is to grow the Karelian gold line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). More information at www.endomines.com