Beskrivning
| Land | Sverige |
|---|---|
| Lista | Euronext Growth Oslo |
| Sektor | Råvaror |
| Industri | Gruvdrift & metaller |
Oslo, Norway, 14 May 2025 - Akobo Minerals AB (publ) ("Akobo" or the "Company") (Euronext Growth Oslo: AKOBO), the Scandinavian-based gold producer operating in Ethiopia, announces that it has successfully closed a convertible loan financing of approximately NOK 11 million from existing shareholders.
The convertible loan was initiated to strengthen the Company's working capital position following lower-than-expected gold production during March and April 2025. The target raise was NOK 5-10 million, and the final amount raised, approx. NOK 11 million (divided on NOK 10.2 million and EUR 100,000), reflects continued support from long-term shareholders.
The convertible loan carries an annual interest rate of 30% and has a 24-month maturity. Conversion into shares may be initiated by either the Company or the lenders or occur automatically at maturity. Conversion pricing is based on either the volume-weighted average share price with a 30% discount, or the price of any new share issue, also with a 30% discount.
The financing strengthens the Company's short-term liquidity while also securing the flexibility to explore and secure the optimal structure for financing the upcoming vertical shaft project, whether through offtake arrangements, equity issuance, or a strategic partnership.
Combined with the revised terms of the Company's gold loan agreement with Monetary Metals (as announced on 13 May 2025), this convertible loan provides a sound platform for moving into the next development phase. The planned vertical shaft has the potential to increase production capacity tenfold, marking a significant transformation of Akobo Minerals' operational profile.
Please visit the Company's website for an updated company presentation: https://akobominerals.com/investors/reports-documents/
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This information is considered to be inside information pursuant to the EU Market Abuse Regulation and was published by Jørgen Evjen, CEO, on the date and time provided herein.
For more information, contact
Jørgen Evjen, CEO, Akobo Minerals
Mob: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn: www.linkedin.com/company/akobominerals
About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold producer, currently holding an exploration license covering 182 km2 and a mining license covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia. With over 15 years of active operations on the ground, the company has established a strong foothold in Ethiopian mining industry.
Akobo Minerals' Segele mine has an Inferred and Indicated Mineral Resource of 68,000 ounces, yielding a world-class gold grade of 22.7 g/ton The mineralized zone remains open at depth, supporting future resource estimates and extending the mine's life. The exploration license holds numerous promising exploration resource-building prospects in both the vicinity of Segele and in the wider license area.
Akobo Minerals maintains strong relationships with local communities and government authorities, placing ESG principles at the core of its operations. The company's commitment to sound ethics, transparency, and stakeholder engagement is evident through its industry-leading extended shared value program.
Akobo Minerals is ready to take on new opportunities and ventures as they arise. The company is uniquely positioned to become a major player in the future development of the very promising Ethiopian mining industry.
The company is headquartered in Oslo and is publicly listed on the Euronext Growth Oslo Exchange and the Frankfurt Stock Exchange under the ticker symbol AKOBO. For US investors, Akobo Minerals (OTC: AKOBF) is traded on the OTC Pink Market.
Akobo Minerals places great emphasis on meeting and exceeding industry standards, fully complying with all aspects of the JORC code, 2012. For detailed information on their adherence to this code, please refer to https://www.jorc.org/.