Akobo Minerals secures a NOK 6 million bridge loan (PDMR notice)
OSLO, 08 February 2024: Akobo Minerals AB (Euronext and Frankfurt: AKOBO) (OTCQX:AKOBF).
The Scandinavian-based Ethiopian gold exploration and mining company has today secured a NOK 6 million bridge loan.
As part of the ongoing efforts to secure new funding, the company has successfully addressed a short-term liquidity requirement. The bridge financing of NOK 6 million has been secured from existing shareholders. The board of directors and management of Akobo Minerals contributed with NOK 4 million of the funds, of which Esmar AS, a closely associated company of the Board of Director Carl Eide contributed with NOK 3 500 000 and Kanoka Invest AS, a closely associated company of the CEO Jørgen Evjen contributed with NOK 500 000. Please see further details about the transactions in the attached forms.
The proposed loan matures in August 2025 (the "Maturity Date") and has an interest rate of 20 % p.a. The Loan may be converted into shares at the next share issue or at the maturity date, subject to certain conditions being met. If converted, the conversion of the loan will take place by each lender subscribing for shares through off-setting the Loan amount (including accrued interest). The loan (including accrued Interest) may be converted into shares at the earliest of (i) the resolution of a private placement of shares, or (ii) at the Maturity Date. If the loan is converted in relation to the private placement, the conversion price shall be the subscription price in the placement less a discount of 15%, or on such terms as otherwise agreed between the lenders and the borrower. If the loan is converted at the Maturity Date, the conversion price shall be the volume-weighted average price per share on Euronext Growth Oslo over the thirty (30) consecutive trading days immediately preceding the Maturity Date with a 10% in discount.
This financial measure provides Akobo Minerals with flexibility to navigate the current landscape and conclude a financial solution that involves all stakeholders in the company. The company remains actively engaged in discussions with relevant stakeholders to explore various long-term financing options to address its overall liquidity requirements.
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DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For more information, contact:
Jørgen Evjen, CEO, Akobo Minerals
Mob: (+47) 92 80 40 14
Mail: [email protected]
LinkedIn: www.linkedin.com/company/akobominerals
About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold exploration and boutique mining company, currently holding an exploration license covering 182 km2 and a mining license covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia. The company has established itself as the leading gold exploration company in Ethiopia through more than 13 years of on-the-ground activity, which has now been enhanced further with the development of its Segele mine.
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. Still open to depth, the gold mineralised zone continues to expand and will have a positive impact on future resource estimates and the life expectancy of the mine. The exploration license holds numerous promising exploration resource-building prospects in both the vicinity of Segele and in the wider license area.
Akobo Minerals has an excellent relationship with local communities all the way up to national authorities and the company places environment and social governance (ESG) at the heart of its activities – as demonstrated by a planned, industry-leading, extended shared value program.
Akobo Minerals has built a strong local foothold based on the principles of sound ethics, transparency and communication, and 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 AB (OTCQX: AKOBF) is traded on the OTCQX Best Market, adhering to high financial standards, best practice corporate governance, and compliance with U.S. securities laws. Additionally, the company has a professional third-party sponsor introduction, and investors can access current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
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/. Akobo Minerals' unwavering commitment to ethical practices, community engagement, and environmental responsibility positions them as a formidable force in the evolving landscape of the Ethiopian mining sector.
