Here are Aapeli’s comments on how Endomines plans its financing arrangement and strategy update. 
The company has started preparations for a financing package of approximately EUR 10 million, with which it aims to accelerate the development of the Karelian Gold Line. At the same time, it announced that it will update its strategy during the spring and clarify the schedule of its projects in this context. The company’s need for additional financing did not come as a surprise, but the targeted magnitude was larger than our expectations. We estimate that the company aims to cover its development plans for the coming years entirely with it. At the same time, however, the financing package, based on current information, creates a dilution risk for current owners, but on the other hand, it is part of enabling the company’s goals of growing into a new size class.