Beskrivning
| Land | Sverige |
|---|---|
| Lista | Euronext Growth Oslo |
| Sektor | Råvaror |
| Industri | Gruvdrift & metaller |
Oslo, Norway, 05 September 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 completed its financial restructuring by amending and restating in full the terms of the loan agreement with Monetary Metals ("MM").
The amended and restated terms of the MM loan agreement, following the Memorandum of Understanding announced on 13 May 2025, are now formally in place with all conditions lifted. Key terms of the amended and restated terms include:
- Interest rate on the outstanding loan set at 22% per annum
- Interest-free period from 15 August 2025 to and including 15 February 2026
- Quarterly repayment with first repayment scheduled to begin in March 2026
- Loan maturity extended to 31 July 2027
- The gold loan can increase to a maximum of 10,490.1268 troy ounces before going into default
- Issuance of new warrants to MM, increasing their entitlement to 3% of Akobo's fully diluted market capitalisation
As part of its financial strengthening, Akobo has also carried out a USD 3 million private placement of 15 million new shares subscribed by Ethiopian Investment Holdings (EIH) at a subscription price of USD 0.20 per share, as announced on 11 August 2025.
Akobo has also notified all bondholders that the two remaining convertible bonds will be converted into shares, based on the terms of the private placement towards EIH. The process of conversion and issuance of corresponding shares will commence immediately.
With the funding from EIH, the convertible bonds, and the amended and restated MM loan, the company is well-positioned to advancing its operations. Construction of the vertical shaft is progressing according to plan and is expected to be completed around year-end. Once operational, it is expected to materially enhance production and revenues.
"We are pleased to have completed the restructuring and to continue our strong partnerships with Monetary Metals and Ethiopian Investment Holdings," said Jørgen Evjen, CEO of Akobo Minerals. "Their support provides the financial flexibility needed to complete the vertical shaft and improving our operations in Ethiopia."
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, the company is traded on the OTC Pink Market (OTC: AKOBF).
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/.