Bulletin from the annual general meeting 2024 in Akobo Minerals AB (publ)

Today, on 25 June 2024, the annual general meeting in Akobo Minerals AB (publ) ("Akobo Minerals" or the "Company") was held in Gothenburg. Below is a summary of the most important resolutions from the annual general meeting of the Company.

Resolution on adoption of accounts and allocation of the Company's results
The annual general resolved to adopt the income statement and balance sheet, and the consolidated income statement and consolidated balance sheet. The annual general meeting further resolved to allocate the Company's result in accordance with the proposal from the board of directors, meaning that no dividends are paid and that the available funds are carried forward.

Discharge from liability for the members of the board of directors and the CEO

The annual general meeting resolved to discharge all persons who have been members of the board of directors or CEO of the Company during 2023 from liability.

Remuneration for the board of directors and the auditors

The annual general meeting resolved that board remuneration shall be paid with SEK 300,000 to the chairman of the board of directors and with SEK 175,000 to each of the other board members who are not employed by the Company.

The annual general meeting further resolved that the remuneration to the auditor shall be paid in accordance with approved invoice.

Election of the board of directors

The annual general meeting resolved to re-elect Hans Olav Torsen, Carl Eide and Helge Rushfeldt as members of the board of directors for the period until the next annual general meeting. At the subsequent statutory board meeting, Hans Olav Torsen was re-elected chairman of the board.

Election of audit firm

Frejs Revisorer AB was re-elected as audit firm. Frejs Revisorer AB has announced that the authorized public accountant Sébastien Argillet will continue to be the auditor in charge.

Directed issue of warrants to management and employees

The annual general meeting resolved to approve the board of directors' resolution on 23 May 2024 on a directed issue of not more than 4,810,000 warrants of series 2024-2027:1, entailing an increase in the share capital of not more than SEK 178,739.274256 at full subscription, to management and employees. The right to subscribe to the warrants shall, with deviation from the shareholders' pre-emption rights, vest in the management and employees listed in the table below. The reason for the issuance of warrants and the deviation from the shareholders' preferential rights is to contribute to the possibilities to hold shares in the Company through an incentive program through which the management and employees can take part in and work for a positive value increase of the Company's shares during the period covered by the proposed warrant program, and that the Company shall be able to retain competent and committed personnel. Furthermore, the incentive program is carried out to compensate the management and employees following the financial restructuring that the Company has carried out. All subscribers have previously subscribed for warrants within the framework of various incentive programs that are intended to be cancelled.

 

Subscriber	Number of warrants
Matt Jackson	600,000
Jørgen Evjen	3,000,000
Tesfaye Medhane	450,000
Cathryn MacCallum	360,000
Aurel Aldea	400,000
Sum:	4,810,000

Each warrant entitles a right to subscribe for one share in the company. The warrants may be exercised to subscribe for new shares during the period from and including the date that the warrants have been registered with the Swedish Companies Registration Office up to and including 14 November 2027. The new shares which may be issued due to subscription are not subject to any restrictive provisions.

Directed issue of warrants to members of the board of directors

The annual general meeting resolved on a directed issue of not more than 1,200,000 warrants of series 2024-2027:2, entailing an increase in the share capital of not more than SEK 44,591.918733 at full subscription to members of the board of directors. The right to subscribe to the warrants shall, with deviation from the shareholders' pre-emption rights, vest in members of the board of directors listed in the table below. The reason for the new issue and the deviation from the shareholders' preferential rights to stimulate shareholding in the Company through an incentive program through which the board of directors can take part in and work for a positive value development of the Company's shares during the period covered by the proposed incentive program. Furthermore, the incentive program is carried out to compensate the board of directors, following the financial restructuring that the Company has carried out. All subscribers have previously subscribed for warrants within the framework of various incentive programs that are intended to be cancelled.
 

Subscriber	Number of warrants
Hans Olav Torsen	800,000
Helge Rushfeldt	400,000
Sum:	1,200,000

Each warrant entitles a right to subscribe for one share in the company. The warrants may be exercised to subscribe for new shares during the period from and including the date that the warrants have been registered with the Swedish Companies Registration Office up to and including 14 November 2027. The new shares which may be issued due to subscription are not subject to any restrictive provisions.

Authorization to resolve on new issues

The annual general meeting resolved to authorize the board of directors to, on one or several occasions until the next annual general meeting, with or without deviation from the shareholders' pre-emptive rights, against payment in cash, non-cash consideration or through set-off, resolve on new issues of shares, convertibles and/or warrants.

For more information

Jørgen Evjen, CEO, Akobo Minerals 

Mob: (+47) 92 80 40 14 

Mail: [email protected]

LinkedIn: www.linkedin.com/company/akobominerals

Web: www.akobominerals.com 

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 (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_medium=Press+Release&utm_campaign=New+OTCQX+Company) (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.