Endomines — Capital/Financing Update 2023

Apr 3, 2023

LDA uses the investor call option and provides convertible loan to Endomines

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 toEndomines 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.

Thedirected Issueof convertible loansis 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 authorisationswere 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

Attachments: