Endomines Finland Plc has agreed on a financing arrangement for the expansion of exploration in the Southern Golden Line
Endomines Finland Plc - Stock Exchange Release - 13/3/2024, at 16.30 EET.
Endomines Finland Plc has agreed on a financing arrangement for the expansion of exploration in the Southern Golden Line
Endomines has agreed with the company's current owners on a 3.8 million euro convertible loan. The loan is to be used for the expansion of exploration in the Southern Gold Line, as well as for general business needs. The maturity of the convertible loan is 48 months and the annual interest rate is 10 percent. In accordance with the financing agreement, the convertible loan can be fully or partially exchanged for company shares no earlier than 12 months after the loan drawdown date. The exchange price is made up of the daily average price calculated at the share's closing price during the 10 trading days preceding the day of the exchange request, minus 18 per cent.
The Muurinsuo-Korvilansuo-Kuittila areas are located very close to each other and have many geological similarities. In the future, we will treat these as a single entity under the name Southern Gold Line. The reserve estimate for the Southern Gold Line area is currently close to 150,000 ounces and has more than doubled due to 2023 exploration. Endomines is well on its way to defining a gold deposit of more than one million ounces, laying the groundwork for taking the company to a larger category.
"This financing allows us to implement our strategic projects according to plans. We believe in the great potential of the Southern Gold Line and hence continue active exploration in the area in order to expand our operations in the coming years. Our long-term goal is to grow the company into a completely new size category," says Kari Vyhtinen, CEO of the company.
Endomines Finland Plc
Contact information
Minni Lempinen, CFO, Endomines Finland Plc
[email protected], +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 US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. 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 main list (PAMPALO). www.endomines.com.
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