Akobo Minerals has successfully raised 20mSEK securing funding for current work program
Akobo Minerals has successfully raised 20mSEK in new equity from both existing and new shareholders. The share issue was significantly oversubscribed and upsized from the initial target of raising 10mSEK.
“We are grateful for the continued support from existing shareholders, and welcome new shareholders on board. We look forward to an exciting 2021 that will establish our highly anticipated first maiden resource estimate.”, says Jørgen Evjen, CEO of Akobo Minerals.
The newly raised capital will be used to fund the current work program in 2021, with increased activity from today’s level. This includes further resource drilling and exploration which continues to gather momentum following encouraging drilling results in the recent drill program, and the provision of general working capital.
The current drill program has so far identified some very high-grade gold areas with visible gold in cores. More than 300 new samples from the latest 20 holes are ready for analysis, and we expect continued high-grade results from these cores. At the same time, we are working on establishing the first maiden resource estimate for the company. This is expected to be ready in Q1 2021.
As previously communicated, Akobo Minerals aims to list the company on Euronext Growth in 2021. In the interim, pending such listing, the Company has decided to facilitate trading in the Company’s shares at the Euronext NOTC. All preparations for the NOTC registration are in final stages and we expect to send the application for registration before years end. This progress and the outlook are ever more compelling for Akobo Minerals and its shareholders and we look forward to reporting further progress in due course.
For more information contact:
Jørgen Evjen, CEO
Mob.: (+47) 92 80 40 14
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. To date placer production and exploration work have outlined alluvial gold resources, and our team of geologists have worked extensively over the last 10 years to identify several potential primary gold targets. The drill program initiated at the end of 2019 has so far shown exceptionally high-grade gold results since drilling started in February this year.