Endomines — Capital/Financing Update 2023

Nov 21, 2023

Endomines Finland Plc has agreed on a financing arrangement to advance its strategic projects

Endomines Finland Plc has agreed on a financing arrangement to advance its strategic projects

Endomines Finland Plc – Stock Exchange Release – 21/11/2023, at 16.00 EET 

Endomines Finland Plc has agreed on a financing arrangement to advance its strategic projects

Endomines has agreed with the current owners of the company on a convertible loan of up to EUR 3.2 million. The loan has a maturity of 36 months and an annual interest rate of 10%. Under the terms of the financing agreement, the convertible loans can be converted, in whole or in part, into the company's shares at the earliest 12 months after the date of withdrawal of the loan. The conversion price is the average market price calculated of the daily closing market prices during the applicable pricing period with a deduction of 15 per cent. Interest is payable at the end of the contract.

"This funding will allow us to implement our strategic projects according to plans. The drilling results already obtained in Kuittila show the excellent potential of the area, and we therefore want to continue exploring the area in order to expand our operations in the coming years. In early 2024, we will focus our exploration on deeper parts of the Kuittila deposit, and on determining the continuity of the deposit to different directions. Deeper exploration is expensive to carry out and has not been done in the area before. Until now, the explorations have been concentrated only on the surface, but with these exploration activities, we aim to verify the deeper extension of the Kuittila deposit," says Kari Vyhtinen, CEO of the company. 

Endomines Finland Plc

Further information

Minni Lempinen, Acting CFO

minni.lempinen@endomines.com, +358 40 769 3483

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the United States. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth; an investment that can withstand global political instability. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki (PAMPALO). www.endomines.com.