Endomines AB said Feb. 1 that it will raise 189 million Swedish kronor from a rights issue that was oversubscribed at 9 kronor per share in Sweden and 92 euro cents in Finland.
The new shares are expected to start trading on the Nasdaq Stockholm and Nasdaq Helsinki exchanges by Feb. 8.
Endomines CEO Saila Miettinen-Lähde said the proceeds from the rights issue would allow the company to restructure and reduce bank debt, increase exploration along the Karelian gold line and proceed with acquiring TVL Gold, which owns five gold projects in Idaho.
The Karelian gold line hosts 23 gold deposits and occurrences held by the company and is associated with its Pampalo mine in Finland.
Following the issue, the total number of shares will increase by 20,972,550 to 31,458,825 and the share capital will increase by 136.3 million kronor to 220.2 million kronor.
As of Feb. 1, US$1 was equivalent to 7.87 Swedish kronor.
