Endomines proposes changes to convertible loan.
NORDIC BUSINESS REPORT-November 18, 2019-Endomines proposes changes to convertible loan
(C)2019 M2 COMMUNICATIONS http://www.m2.com
Endomines AB (STO:ENDO) announced on Friday that along with the shareholders Joensuun Kauppa ja Kone Oy, Wipunen Varainhallinta Oy and Mariatorp Oy, which as of 31 October 2019 together controlled approximately 26% of the outstanding shares of Endomines AB, and TVL Gold, it has now reached an agreement regarding changes to the terms of its convertible loan from TVL Gold.
Reportedly, Endomines' shareholders, representing over 20% of the shares in the company, had informed the company's board of directors that they were negotiating possible changes to the terms of Endomines' convertible loan from TVL Gold. The objective was to change the terms in order for 50% of the convertible loan to be converted during 2019 and the remaining 50% at to be converted at the latest by 1 April 2022.
This change will be proposed by the board of directors to be resolved by the company's shareholders at an Extraordinary General Meeting.
Endomines' board's proposed changes to the convertible terms include that the convertible holder TVL Gold shall convert 50% of the convertible loan during 2019 and the remaining 50% on 31 March 2020, by the latest. This proposed conversion rate for the first conversion will be SEK5.85 per share and for the second conversion SEK 6.00 per share.
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