NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE “UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Gothenborg, Sweden, 21 June 2021. Reference is made to the announcements by Akobo Minerals AB (publ) (“Akobo” or the “Company”) on 15 and 19 June 2021 regarding the contemplated private placement in the Company (the “Offer Shares”) (the “Private Placement”).

Akobo is pleased to announce that the Private Placement was fully subscribed and that the Company will issue a total of 6,666,666 Offer Shares at a fixed price of NOK 7.50 per share (the “Offer Price”), raising NOK 50 million in gross proceeds, as soon as the authorization granted to the board by the general meeting on 18 June 2021 has been registered with the Swedish Companies Registration Office (the “SCRO”).Following issuance of the Offer Shares, the Company will have in issue a total of 41,154,606 shares, resulting in a post-money market capitalization of the Company of approximately NOK 309 million based on the Offer Price.

Akobo has today applied for its shares, represented by depository receipts, to be admitted to trading on Euronext Growth Oslo. The depository receipts (the “Shares”) represents the beneficial interests of the Company’s shares as registered in the Norwegian Central Securities Depository (Nw. Verdipapirsentralen) (the “VPS”). The Shares will, subject to the necessary approvals from the Oslo Stock Exchange, be listed on Euronext Growth Oslo under the trading symbol “AKOBO”. The first day of trading on Euronext Growth Oslo is currently anticipated to be by mid-July 2021.

“On behalf of the team and Board of directors, I can say that we are truly proud of having developed a strong foundation over many years and a clear plan for continued growth, earning the trust of both existing and new investor. With the private placement and listing on Euronext Growth we have proved that we are ready to take the next step in this exciting adventure. We are all looking forward to increased drilling, more exploration activity and also preparation for small scale mining over the next year. The plan is solid and ready for execution.”, CEO Jørgen Evjen

Allocation to investors will be communicated on or about 21 June 2021 and the Private Placement is expected to be settled by the Manager on a delivery-versus-payment basis by mid-July 2021. The completion of the Private Placement by delivery of the Offer Shares (i.e. depository receipts) to the investors being allocated Offer Shares is subject to: (i) all necessary corporate resolutions being validly made by the Company, including without limitation, the board resolving to issue and allocate the Offer Shares upon the authorization granted to the board by the general meeting on 18 June 2021 has been registered with the SCRO and (ii) the registration of the share capital increase in the Company pertaining to the Offer Shares with the SCRO having taken place and the Shares (i.e. the corresponding depository receipts) having been issued with the VPS, and (iii) the Oslo Stock Exchange having approved the Company’s application for listing.

Calculated from the first listing day on Euronext Growth Oslo, the Company, current members of the Board of Directors and executive management has agreed to a 12-month lock-up.

SpareBank 1 Markets AS is acting as manager in connection with the Private Placement. AGP Advokater AS is acting as legal advisor to the Company and Kvale Advokatfirma DA is acting as legal advisor to the Manager.

For more information contact

Jørgen Evjen, CEO
Mob.: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com

About Akobo Minerals

Akobo Minerals, a Norway-based gold exploration company, currently with ongoing exploration in the Akobo region in southwest Ethiopia through its wholly owned Ethiopian subsidiary Etno Mining Plc. The operations were established in 2009 by people with long experience from the public mining sector in Ethiopia and from the Norwegian oil service industry. Akobo Minerals holds an exploration license over key targets in the area. Our team of geologists have worked extensively over the last 11 years to identify several potential primary gold targets. The ongoing drilling program initiated at the end of 2019 has so far shown exceptionally high-grade gold results including the Segele deposit with an Inferred Mineral Resource of 78ktons at 20.9g/t.

Important information

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “US Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act and in accordance with applicable U.S. state securities laws.

The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to “qualified institutional buyers” as defined in Rule 144A under the Securities Act. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression “EU Prospectus Regulation” means Regulation (EU) 2017/1129 as amended (together with any applicable implementing measures in any Member State. This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”).

This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so. Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict, and are beyond their control.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Managers nor any of its affiliates accepts any liability arising from the use of this announcement. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.