Akobo Minerals begins application process to trade on the US based OTC Markets Platform  

OSLO, 21 August 2023: Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that it has decided to apply for trading on the OTC Markets platform in the United States. While Akobo Minerals already has a full listing on two markets in Europe, there are several […]

Prof Steven Rupprecht

Akobo Minerals appoints Steven Rupprecht as Mine Manager and Strategic Adviser

OSLO, 14 August 2023: Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that it has appointed Professor Steven Rupprecht as Mine Manager and Strategic Adviser to its operation situated in south-west Ethiopia. Prof Rupprecht is an internationally recognized corporate consultant with over 35 years’ experience […]

Akobo Minerals signs refinery agreement with Swiss-based MKS PAMP

OSLO, 09 August 2023: Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that it has signed an agreement with MKS PAMP for a range of gold refinery-related services. The company – one of the most respected precious metals industry players – is an independently operated […]

Building awareness – one ecobrick at a time

Kicking off our Sustainable Community Campaign, with a football match and community waste collection, Akobo Minerals celebrated the opening of Chamo Community Eco-Hub and Training Centre, constructed from discarded plastic bottles.   Over the last six months, Akobo Minerals ESG Team have been working with the community to actively raise awareness about healthy and sustainable […]

International Day of Women in Mining 2023

Akobo Minerals’ own motto for International Day of Women in Mining 2023, alongside the day’s theme of ‘Equity in Mining is Everyone’s Responsibility’ is ‘You have to see to want to be’. Our female employees are an inspiration for women in Ethiopia and East Africa, breaking boundaries as part of the #miningindustry. With 30% of […]

Akobo Minerals commended at ESG awards ceremony for second successive year

Akobo Minerals has announced that it was commended for the 2022 Environment, Sustainability and Governance (ESG) Explorer and Developer of the Year award by Mines and Money. The successful companies were announced at the Mines and Money London conference – Europe’s leading mining investment event – and is the second year in a row that […]

Akobo Minerals nominated for major ESG award for second successive year

Akobo Minerals has announced that it has been nominated for the 2022 Environment, Sustainability and Governance (ESG) Explorer and Developer of the Year by Mines and Money. The successful company will be announced at the Mines and Money London conference – Europe’s leading mining investment event – taking place 29th November to 1st December. This […]

New in depth interview with our CEO

Saturday may 11, Investornytt released an in depth interview with Jørgen Evjen, our CEO. We believe it is a good reed for our investors and followers. The interview is in Norwegian. Click on the image to read.

New report showing spectacular gold mineralization at Segele

As we have reported the key numbers earlier, our high grade mining project in Segele is moving on as planned. Now the complete 3rd party Gold Deposit Mineral Resource report from SRK Consulting is avaliable for you to read. At the Q1 presentation may 23, our CEO, Jørgen Evjen, informed that the 100th hole at […]

Akobo Minerals sets a new standard for community engagement program

Extending shared values through transparency, communication and engagement are the watchwords for Akobo in building strong local ties, as practiced in our recent successful multi-stakeholder meeting in Dimma Town, Ethiopia, with federal and local government to artisanal miners, NGOs and Annuak Elders. I am proud that Akobo Minerals is living up to its conviction to […]

A fundamental milestone on the way to gold production

We have reached an agreement with the South African company Solo Resources (Pty) Ltd for delivery of a processing plant for production of gold at the Segele Mine. An important milestone for our mining operation and targeted cash flow. With this agreement, I am confident that we will be produce gold from the Segele mine […]

New gold mineralisation zone at Segele with visible gold intersection

Our ongoing exploration activities unveil new encouraging findings as we drill tested two new targets around Segele within 500m distance. Our exploration team has discovered a new gold mineralisation zone including a visible gold intersection. Moving on, we are preparing for a soil geochemical sampling program between Segele and Joru, and for a ground geophysical […]

New report underpins stronger mine economics than expected

Few, if any, other commercial gold mines are operating at a gold grade of 40,6 gram per ton indicated mineral resource. Now it’s time to start collect the gold underneath our feets. A significant gold mineral resource increase and classification upgrade will make our mining project in Segele unique in a global perspective. 22 April […]

We have appointed Sparebank1 Markets AS as financial adviser for our planned mining operations

Today we have appointed SpareBank 1 Markets AS (SB1) to advise on project financing for our upcoming gold mining operation for the Segele deposit. As financial adviser, SB1 will work closely with the Company to explore relevant funding opportunities such as equity, bank debt and offtake agreements, along with other strategic options that are available […]

Akobo Minerals lays foundation stone as new mine development gathers pace 

An important milestone for our company as we performed in a ceremony to mark the start of the company’s next phase towards mining and gold production in Segele. Initial production is expected to commence by the end of 2022, ramping-up into 2023. Once fully operational, we estimate an annual production at Segele of around 45,000 […]

Renewed exploration and mining license securing our long term gold operation.

Today we renewed our existing exploration license of 182 km2 in the Akobo region. This will secure a strong long-term position for both mining and exploration activities for the company.  The renewal is a result of many years of positive relationships with the Ministry of Mines, and the continued efforts to develop and progress our […]

Visible gold at new record depth

Today we intersected visible gold at 282 metres vertical depth, as well as seeing signs of further potential gold mineralisation in several sections along this latest hole. All indicators point to a belief that our Segele mine can be sustained for much longer than previously envisaged. The previous deepest intersection of gold mineralisation was at […]

Why ESG makes good business sense

Dr Cathryn MacCallum is head of ESG, responsible for furthering the company’s environmental, social and governance (ESG) initiatives. In this interview, she explains who Akobo Minerals is and why she believes every business should be investing in a robust company-wide ESG program. Cathryn also explains why it reduces business risk and has a positive impact […]

Akobo Minerals – Fourth quarter 2021 results

MON, FEB 21, 2022 08:30 CET Akobo Minerals AB (publ) (EURONEXT: AKOBO) today reported its fourth quarter 2021 results. Akobo Minerals is still in a project development phase and consequently had no income in the fourth quarter. The net profit for the period was SEK 0.22 million due to significant positive foreign exchange effects. In […]

A Golden Partnership with Oromia Bank

We have signed a memorandum of understanding (MOU) with the Ethiopian commercial bank, Oromia Bank. A cooperation aimed to develop domestic services related to financing new exploration and mining projects with international standards. Together, these services can support the advancement of Ethiopia’s domestic mining industry. With this collaboration, we aim to become the leading industry […]

Akobo Minerals hits more bonanza gold grade zones

Today we have released results of the next set bonanza gold grade results from our Segele mine development project. “These new results support our belief that we can maintain peak production for longer than calculated in our original scoping study” Jørgen Evjen, CEO at Akobo Minerals AB Specifically, the results, from laboratory testing, inspection, certification […]

Celebrating 100th exploration drill hole

We’re celebrating a century, having just completed our 100th exploration drill hole at Segele! And this is just the start. Congratulations to our great Akobo operations team in Ethiopia!

First gold mover advantage in Ethiopia

“Our maiden resource estimate done by SRK Consulting indicates 52 000 oz at 20.9 g/t on average, which is fairly astonishing.” Jørgen Evjen, CEO Akobo Minerals Another interesting article about Akobo Minerals in Mining Review Africa. Read the original article here. This is a copy oft the original article from Mining Review January 2022. It […]

Gearing up for gold production start-up with opening of rural airstrip

New major civil engineering project will benefit both the company’s mine infrastructure and the local community OSLO, 2 February 2022: The first ever flight landed at a new airstrip which Akobo Minerals has funded and built in Dima. The Super King Air 350 twin-turboprop aircraft carried representatives from Akobo Minerals and the Ethiopian Civil Aviation […]

A new golden age: inside Ethiopian mining

Mine Magazine just published an excellent feature article concerning gold mining in Ethiopia – along with input from our CEO Jørgen Evjen. Follow this link to read the full article in Mine Magazine We have also added a text version below. A new golden age: inside Ethiopian mining Driven by gold and supported by Canada, […]

UNICEF Ethiopia:2021:Nahom Tesfaye

Akobo Minerals appoints international renowned expert to head its ESG developments

OSLO, 25 January 2022. Akobo Minerals has appointed Dr Cathryn MacCallum as head of ESG to further the company’s environmental, social and governance (ESG) program. She takes up the post on 1st February 2022 as part of the company’s management team. We are grateful and exited to have Cathryn on board. We believe and experience that […]

More Gold the Deeper We Go

Recent drilling has intersected visible gold at 205 meter. This result indicates that the high-grade gold mineralisation continues 50m further down dip than previously known. In addition to the visible gold previously reported on the extension drilling program at Segele, these latest results underpin the company’s belief that the Segele project can sustain a significant […]

Akobo Minerals feature in Business Enquirer magazine

Enjoy reading the Akobo story in the latest issue of Business Enquirer. People around the world are noticing our activity and, with Business Enquirers reach, we believe this will get the word out even further. “The new license gives us future-proofed flexibility and options and fuels our capability to be a leading player in the […]

2021 – What a Golden Year!

We have concluded yet another transformative year for Akobo Minerals and would like to send special thanks to all our supporters – not least employees, shareholders, advisers, the Ministry of Mines, and more. Moving from an exploration company to mining gold is a dream come true for all of us. The long journey started back in […]

Increasing drilling capacity at low cost.

OSLO, 20 December 2021: Akobo Minerals (Euronext Oslo – “AKOBO”) announces that it has acquired 3 drill rigs from Protek Norr AB. The agreed tender is 400 000 SEK, including following items: Three Diamec 262 core drill rigs – two which are operational and one to be upgraded Three electrically powered hydraulic units Several spare […]

Shortlisted for prestigious ESG award for Ethiopian gold exploration project

Akobo Minerals is delighted to announce it was shortlisted as ESG (Environmental, Social, and Governance) Explorer/Developer Mining Company of the Year at this week’s Mines & Money London, the premier European forum for mining investment and capital raising. Every employee can be proud of the part they have played in helping to build our world […]

Q3 2021 report – Another transformative quarter for the company

THU, NOV 25, 2021 08:42 CET Akobo Minerals AB (publ) (EURONEXT: AKOBO) today reported its third quarter 2021 results. Akobo Minerals is in a project development phase and consequently had no income in the third quarter. The net loss for the period was SEK 5.1 million, and SEK 10,1 million for the first three quarters. […]

A Break Trough Milestone – License to Mining Gold in Ethiopia

As part of our strategy to start mining gold in addition to the successful exploring business, Akobo Minerals paves the way for a resurgent Ethiopian mining industry clearing a major hurdle for investors being granted the right to hold and repatriate foreign currency from offshore accounts. On the 30th of September, Akobo Minerals and the Ministry […]

Akobo Minerals receives very positive results from its metallurgical testwork with potential for greater than previously expected revenue generation

Akobo Minerals has received the testwork results from the Peacocke and Simpson Laboratory. The positive results of these gold extraction tests give potential for greater than expected revenue generation to that proposed in the Scoping Study (27.09.2021), at similar operating costs. The metallurgical testwork gives an indication of how much gold is expected to be […]

Akobo Minerals signs contract with MIDROC for a second core-drilling rig – significantly expanding production capacity

Akobo Minerals will soon be working with a total of three core drilling rigs in field, including one company owned drill rig. The experience and performance with the first drill rig from MIDROC Geo/Exploration Services PLC (“MIDROC”) has met expectations hence a contract amendment has been signed for a second drill rig to be engaged. […]

Akobo Minerals engages TS Environment Technology to complete the Segele Environmental and Social Impact Assessment

Akobo Minerals continues development of its Environmental and Social Impact Assessment (“ESIA”) – an important step in the development towards start of mining at the Segele Project. An ESIA contract has been awarded to TS Environment Technology Plc, a leading provider of such services in Ethiopia; TS  Environment  has  undertaken  over  50  ESIA studies  and  […]

Akobo Minerals completes its Segele scoping study

Very favorable project economics and low production cost anticipated Akobo Minerals continues to deliver on its timetable and promises. After 10 years of exploration work culminating in a JORC compliant Maiden Resource Estimate earlier this year, followed recently by grant of a large scale gold mining license, we now release our scoping study for the […]

Akobo Minerals to be awarded large scale gold mining license

Akobo Minerals is pleased to announce that the Ethiopian Council of Ministers has today accepted the Large Scale Mining Licence application submitted by the company on the 7th of September 2021. The application was developed in close dialogue with the Ministry of Mines and Petroleum with whom the company intends to continue its successful partnership. […]

Registration of new share capital in Akobo Minerals AB (publ)

Akobo Minerals AB (publ) (“Akobo” or the “Company”) announces that the total number of shares in the Company has increased by 1,358,000 from 41,154,606 to 42,512,606 as of September 15, 2021 as a result of registration with the Swedish Companies Registration Office of new shares subscribed for with the support of warrants issued at the […]

Akobo Minerals applies for a large scale gold mining license

Akobo Minerals has today applied for a large scale gold mining license. After more than 10 years of exploration work, an application was submitted in close dialogue with the Ministry of Mines and Petroleum. Ongoing successful drilling and a high-grade mineral resource from Segele supports our view that mining will be an important and integral […]

Akobo Minerals awards Peacocke and Simpson contract for metallurgical testwork at the SEGELE project, an important step in preparation to start mining

The metallurgical testwork forms a key part of the mining preparations and involves a series of laboratory tests to determine which series of equipment will most efficiently extract the gold from the mineralisation. From one mine to another, the nature of gold deposits varies greatly in their complexity, and each deposit required the extraction equipment […]

Akobo Minerals engages SpareBank 1 Markets AS as Market maker

Akobo Minerals AB has entered into a market making agreement with SpareBank 1 Markets AS. The purpose of the agreement is to enhance liquidity in the trading of the company’s shares. The agreement is in accordance with the standard requirements of Euronext Oslo Stock Exchange. First day of market making will be 1st of September […]

Mandatory notification of trade

Oslo Norway, 26 August 2021. Participants in Akobo Minerals AB 2018 warrant program, now expiring the 31 August 2021, have on 26 August 2021 exercised warrants and subscribed for a total of 1,358,000 shares at a strike price of SEK 0.86. Following the registration of the new shares, the Company will have 2,677,000 outstanding shares […]

First half year 2021 results

Akobo Minerals AB (publ) (EURONEXT: AKOBO) today reported its first half year 2021 results. Akobo Minerals is in a project development phase and consequently had no income in the first half. The net loss was SEK 5.6 million, compared to a loss of SEK 5 million in the first half of 2020, as the project […]

Invitation to presentation of first half year results 2021, Thursday 26.8 at 10.00 CEST

Akobo Minerals AB will release its first half year results 2021 on Thursday 26 August at 08.00 CEST.   The results will be presented in a webcast with CEO Jørgen Evjen and COO Matt Jackson at 10.00 CEST. The presentation and subsequent Q&A session will be held in English and may be viewed live at […]

High Grade Intersections at JORU, and SEGELE Mining Studies On Schedule

Akobo Minerals hits several high grade intersections in the first test holes at JORU. Akobo Minerals has for many years worked to advance the understanding of our primary targets SEGELE and JORU. SEGELE has so far shown to be a truly amazing high grade deposit, attracting considerable interest as a result of the high- and […]

High Grade Gold Zone Continues at depth beneath the Segele Mineral Resource Estimate

The new intercepts include 45.3g/t over 0.48m and 13.8g/t over 1.43m and will be included in the next Mineral Resource Estimate. The mineralization remains open at depth. Akobo Minerals released the result of the Segele Mineral Resource Estimate in April 2021 (Inferred Mineral Resource totalling 52,410oz at an average grade of 20.9g/t). The resource estimate […]

Publication of Information Document

The attached information document has been prepared by Akobo Minerals AB (publ.) (“Akobo” or the “Company”) solely for use in connection with the admission to trading of the Company’s shares on Euronext Growth Oslo. The first day of trading in the Company’s shares on Euronext Growth Oslo will be 14 July 2021. SpareBank 1 Markets […]

Registration of new share capital

Reference is made to the announcement by Akobo Minerals AB (publ.) (“Akobo” or the “Company”) on 6 July 2021 regarding the resolution to increase the Company’s share capital. The share capital increase has today been registered with the Swedish Register of Business Enterprises. The share capital of Akobo is SEK 1,529,302.226797, comprising 41,154,606 shares, each […]

Akobo Minerals sources a second drill rig – signs contract with MIDROC

Akobo Minerals is pleased to announce the signing of an agreement with MIDROC Geo/Exploration Services in Addis Ababa to supply a second drill rig to start core drilling on the Segele deposit. The drill rig will mobilise to the Akobo region shortly and the company anticipates that the drilling will start upon arrival in field. […]

Erik Haugane joins the Board of Directors in Akobo Minerals

Akobo Minerals announces that Erik Haugane has joined the Board of Directors. He was elected as new member of the Board on the annual general meeting held 18.06.2021. “We are very pleased to have Erik join our Board of Directors. He has valuable experience in developing exploration companies, from inception to production. This is highly […]

Mandatory Notification of Trade

PIR Invest Holding AS, a close associate to board member Hans Olav Torsen, has been allocated 172,976 shares in the private placement resolved by Akobo Minerals AB (publ.) today at a price per share of SEK 7.44934. Following the transaction PIR Invest Holding AS holds 5,430,512 shares in the company. This information is subject to […]

Private Placement resolved

Reference is made to the announcement by Akobo Minerals AB (publ.) (“Akobo” or the “Company”) on 5 July 2021 where Oslo Børs decided to admit the Company to trading. In connection with and prior to the admission to trading at Euronext Growth, the Company has today resolved to increase the Company’s share capital with SEK […]

Decision on admission to trading on Euronext Growth

Oslo Børs has received an application from Akobo Minerals AB for admission to trading on Euronext Growth. The Oslo Stock Exchange has decided to list the shares in the company. It is assumed that the company meets the admission requirements for Euronext Growth before the first trading day. It is expected that the company will […]

Financial calendar 2021

Financial calendar for Akobo Minerals AB (publ) FINANCIAL YEAR 2021 26.08.2021 – Half-yearly Report 25.11.2021 – Quarterly Report – Q3 This information is published pursuant to the requirements set out in the Continuing obligations.

Private Placement successfully completed and update on listing on Euronext Growth Oslo

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 […]

Preliminary result after close of private placement

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 […]

Minutes from the annual general meeting

The annual general meeting in Akobo Minerals AB (publ) (the “Company”) was held today on 18 June 2021 at 10:00 (CET) in the Company’s offices at Södra Allégatan 13, 413 01 Gothenburg, Sweden. The minutes from the annual general meeting is attached hereto. The Annual report 2020 can be found at the Company website. https://akobominerals.wpengine.com/investors/reports-documents/ […]

Akobo Minerals intends to list on Euronext Growth Oslo during 2021

Akobo Minerals AB (publ) (the «Company»), a Norway-based gold exploration company with operations in Ethiopia, confirms as previously communicated that it intends to carry out an equity private placement (the “Contemplated Equity Financing”) and apply for a listing of the Company’s shares on Euronext Growth Oslo during 2021. Details of the Contemplated Equity Financing have […]

Akobo Minerals hires Tesfaye Medhane as General Manager of Etno Mining

Akobo Minerals announces that Tesfaye Medhane has joined our Ethiopian company Etno Mining as General Manager. In his new role, Tesfaye will oversee all aspects of managing Etno Mining and will be responsible for all facets of the exploration and future mining operations at the Akobo project. “We are very pleased that Tesfaye Medhane has […]

Notice to attend the annual general meeting

The shareholders of Akobo Minerals AB (publ), are hereby summoned to the Annual General Meeting on 18 June 2021 at 10.00 in the Company’s premises at Södra Allégatan 13, 413 01 Gothenburg. Information due to the coronavirusAs a precautionary measure to reduce the risk of spreading the coronavirus, the board has decided that no food […]

New number of shares in Akobo Minerals after registration of new shares

Akobo Minerals AB (publ) (the “Company”) announces that the total number of shares has increased by 55 000 to 34 487 940 in the Company as of May 5, 2021 as a result of registration with the Swedish Companies Registration Office of new shares subscribed for on the basis of warrants issued 2018-08 -31. The […]

AKOBO MINERALS – Announces start of core-drilling campaign and intercepted mineralization at it’s Joru gold target

After the latest drilling at Segele, and receiving a successful maiden resource estimate, the drill rig has now moved to the next exciting target at Joru for some initial drilling.  Joru is very different from Segele, both in mineralogy and also expected gold grade. Joru is a very large area, with expected lower grade gold […]

Akobo Minerals names former CEO Johan Sjöberg as Chief Exploration Manager

Akobo Minerals announces that Johan Sjöberg will rejoin the company as Chief Exploration Manager on the 1st of May. Johan was previously CEO of Akobo Minerals from 2018 to 2020, so he has very good knowledge of the project and our organization. Lately he has been working as a Geologist consultant for EMX in Sweden, […]

AKOBO MINERALS – Announces encouraging Maiden Mineral Resource Estimate at Segele

Inferred Mineral Resource of 78 Kilotons at 20,9g/t gold above a cut-off of 0,5g/t gold, equal to 52.410 oz of gold. Table 1:        Segele Gold Deposit Mineral Resources as at 6 April 2021 Classification Cut-off (Au g/t) K tons Au (g/t) Au Ounces Measured ≥0,5 0 0 0 Indicated ≥0,5 0 0 0 Inferred ≥0,5 78 20,9 […]

AKOBO MINERALS – Sazani Associates begins groundbreaking ESG study

Akobo Minerals has engaged Sazani Associates to perform the company’s first ESG study with the intention of developing a Sustainable Natural Resource Management Plan (SNRMP) within 6 months. This week, Sazani will begin a situation analysis which identifies the risks and opportunities related to gold mining at the Akobo project. In the coming months the […]

SRK Consulting Begins Work on Mineral Resource Estimate for Segele Gold Target

Following the recent exciting gold assay results, Akobo Minerals AB is pleased to announce that SRK Consulting (Australasia) Pty Ltd has begun their work on the maiden mineral resource estimate for the Segele gold target. SRK is a world leading specialist within exploration and mining consultancy and has experience from working on over 20,000 projects […]

New bonanza grade intersections from diamond drilling at Segele

Akobo Minerals is pleased to announce that they have received new assay results back from the ALS Ireland laboratory regarding the Segele gold target. Many high grade assays have been returned, including new significant intersections of 131g/t over 2.5m and 17g/t over 13m (see Table 1). These results complement previous bonanza and high grade assay […]

Gold intersected at the deepest point yet at the Segele gold target

The Segele gold target was first discovered by Akobo Minerals geologists and previous assays from diamond-drilling have demonstrated high- and bonanza-grade results within a narrow (approx. 20m wide) gold zone. The gold is predominantly present as large grains easily visible to the naked eye (coarse-gold type mineralization).  See company presentation for more details (21st January […]

Company presentation for the NOTC registration

Akobo Minerals to be registered on the Euronext NOTC list with ticker code “AKOBO”

As previously communicated, the Akobo Minerals AB (publ) (“Akobo Minerals” or the “Company”) has worked to facilitate trading in the Company’s shares at the Euronext NOTC list. The Company is pleased to announce that this will be in effect from Thursday 28 January 2021. Akobo Minerals will be registered on the Euronext NOTC-list with ticker […]

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 […]

New number of shares in Akobo Minerals after registration of directed share issue

Akobo Minerals AB (publ) (”Bolaget”) meddelar att det totala antalet aktier ökat med 8 000 000 till 34 432 940 i Bolaget per den 24 november 2020 till följd av registrering hos Bolagsverket av den per den 2 november 2020 av styrelsens beslutade riktade emissionen av aktier med stöd av bemyndigande från extra bolagsstämman den 12 oktober […]

New number of shares in Akobo Minerals after registration of new shares

Akobo Minerals AB (publ) (”Bolaget”) meddelar att det totala antalet aktier ökat med 610 000 till 26 432 940 i Bolaget per den 18 november 2020 till följd av registrering hos Bolagsverket av nya aktier tecknade med stöd av teckningsoptioner utgivna 2018-08-31 och 2020-10-12. Bolagets aktiekapital ökade med 22 667,6 SEK till 982 245,118237 SEK. Samtliga aktier i […]

Akobo Minerals names dr. Matt Jackson as Chief Operating Officer

Akobo Minerals today announced that Dr. Matt Jackson will join the company as Chief Operating Officer on the 1st of December. Matt was most recently a Director for Mining and Exploration with BluestoneGeo, where he worked on discovery and review of investment opportunities and liaison with partners in Europe and Asia. Matt was also responsible […]

New number of shares in Akobo Minerals after registration of reverse share split and directed share issue

Akobo Minerals AB (publ) (”Bolaget”) meddelar att det totala antalet aktier ökat med 30 003 till 258 229 400 i Bolaget per den 23 oktober 2020 till följd av registrering hos Bolagsverket av den per den 12 oktober 2020 av extra bolagsstämman beslutade riktade emissionen av aktier till Pir Invest AS. Bolagets aktiekapital ökade med 111,491148 […]

Resolutions passed at EGM 12-10-2020

Aktieägarna i Akobo Minerals AB (publ) (”Bolaget”) har den 12 oktober 2020 hållit extra bolagsstämma i Göteborg, varvid följande huvudsakliga beslut fattades. Stämman beslutade att bemyndiga styrelsen att för tiden intill nästa årsstämma, vid ett eller flera tillfällen med eller utan avvikelse från aktieägarnas företrädesrätt fatta beslut om nyemission av upp till 100 000 000 aktier, […]

New number of shares in Akobo Minerals after registration of directed share issue

Registrering av riktad nyemission hos Bolagsverket innebär nytt antal aktier i Akobo Minerals Akobo Minerals AB (publ) (”Bolaget”) meddelar att det totala antalet aktier ökat med 1 177 240 till 258 199 397 i Bolaget per den 6 oktober 2020 till följd av registrering hos Bolagsverket av den per den 30 september 2020 av styrelsens […]

Resolution regarding directed share issue to Arctic Drilling AS

Styrelsens beslut om riktad nyemission av aktier till Arctic Drilling AS Styrelsen för Akobo Minerals AB (publ) (”Bolaget”) beslutade 2020-09-30, med stöd av bemyndigande från årsstämman 2020-06-30, att öka Bolagets aktiekapital med högst 4 374,62384 SEK genom nyemission av högst 1 177 240 aktier. Teckningskursen är 0,45 SEK per aktie. Rätten att teckna aktierna ska, med avvikelse […]

New investment guide to Ethiopian mining

The Ethiopian Ministry of Mining and Petroleum has released a very informative investment guide for those interested in learning more. The guide is designed to provide a clear picture of Ethiopia’s mineral resources, their geology, and the nature of the opportunity for each commodity. It sets out clearly the legal and regulatory framework for Ethiopian […]

Invitation to Extraordinary General Meeting

New number of shares in Akobo Minerals after registration of directed share issue

Registrering av riktad nyemission hos Bolagsverket innebär nytt antal aktier i Akobo Minerals Akobo Minerals AB (publ) (”Bolaget”) meddelar att det totala antalet aktier ökat med 1 356 093 till 257 022 157 i Bolaget per den 8 september 2020 till följd av registrering hos Bolagsverket av den per den 2 september 2020 av styrelsens beslutade riktade emissionen […]

Resolution regarding directed share issue to Arctic Drilling AS

Styrelsens beslut om riktad nyemission av aktier till Arctic Drilling AS Styrelsen för Akobo Minerals AB (publ) (”Bolaget”)  beslutade 2020-09-02, med stöd av bemyndigande från årsstämman 2020-06-30, att öka Bolagets aktiekapital med högst 5 039,241588 SEK genom nyemission av högst 1 356 093 aktier. Teckningskursen är 0,45 SEK per aktie. Rätten att teckna aktierna ska, med avvikelse […]

Akobo Minerals featured in GEO365.no

GEO365.no has written an interesting and informative article about Akobo Minerals (in Norwegian).

Akobo Minerals resumes core drilling in Segele to follow up recent high-grade results

Akobo Minerals, a Norway-based gold exploration company with operations inEthiopia, has resumed drilling after 3 months of stop in activity due to the COVID-19 situation. Our crew has again been mobilized for the resumption of drilling in Segele, and the first hole has alreadybeen drilled. Visible gold is occurring through 3.5m in the core, continuing […]

Annual General Meeting in Akobo Minerals

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Akobo Minerals AB: Agreement on debt restructuring, Private Placement successfully completed, announcement of rights issue and proposed conversion of unsecured debt

Published: 2024-02-27UTC16:30:00

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN

Oslo, 27 February 2024: Akobo Minerals AB ("Akobo" or the "Company"), a Scandinavian-based gold exploration and mining company with operations in Ethiopia, has today finalized an agreement regarding completion of debt restructuring (the "Debt Restructuring"). Additionally, the Company has successfully completed a private placement (the "Private Placement") of new shares (the “Offer Shares”) raising approximately NOK 34 million in gross proceeds. Furthermore, the Company’s board of directors has today resolved to proceed with a subsequent rights issue of new shares to raise gross proceeds of up to approximately EUR 2.5 million (the "Subsequent Rights Issue") and intends to propose a set-off issue of up to NOK 85,587,398 in relation to the conversion of two convertible loans and a bridge loan (the "Set-Off Issue"). The Debt Restructuring, the Private Placement, the Subsequent Rights Issue and the Set-Off Issue are jointly referred to as the "Transaction".

For a general company update and more information about the Transaction, please refer to the company presentation attached hereto, which is also published on Akobo's website (https://akobominerals.com/investors).

Jørgen Evjen, CEO of Akobo Minerals, says:

"I am pleased to announce that Akobo Minerals has successfully reached an agreement on debt restructuring with Monetary Metals, providing our company with enhanced flexibility and a longer maturity period. Additionally, we have concluded a successful Private Placement with our existing shareholders. I extend my sincere appreciation to all participants for their support, and I am genuinely grateful for their contribution towards moving Akobo Minerals into the next phase of gold production and continued exploration."

Debt Restructuring

Akobo is pleased to announce that it has finalized negotiations and amendments to the secured debt in the Company with its lender Monetary Metals Bond II LLC ("Monetary Metals"). The restructuring provides the Company with improved short- and medium-term liquidity and increases the overall robustness during the development stage/ramp-up phase of the Segele Mine. The amendments include but are not limited to: (i) a waiver of cash interest payments with accrual of PIK interest, (ii) increase in liquidity buffer by around USD 1.5 million before full production ramp-up and (iii) extension of the maturity date by one full year to December 2025. Completion of the Debt Restructuring is subject to (i) Akobo raising a minimum of NOK 40 million in gross cash proceeds, which through the previously announced NOK 6 million bridge loan and completion of the Private Placement will be fulfilled, and (ii) that warrants issued to Monetary Metals equating to 2% of Akobo's equity will be reset with a strike price equal to the Offer Price in the Private Placement being NOK 1.00. Please refer to the attached company presentation for additional details.

Private Placement

Akobo is pleased to announce that it has completed a private placement of a total of 34,003,550 Offer Shares, corresponding to approximately 64 % of the outstanding shares in the Company, at an offer price of NOK 1.00 per Offer Share (the "Offer Price"), raising gross proceeds of approximately NOK 34 million. The Private Placement was resolved by the board of directors of the Company (the “Board”) pursuant to an authorization to issue new shares granted by the extraordinary general meeting of the Company on 2 February 2024. Notification of allotment of the Offer Shares, including settlement instructions, will be sent to the applicants through a notification from the Manager on or about 28 February 2024.

The net proceeds from the Private Placement will be used to finance the construction phase of the Segele plant and subsequent production ramp up phase, to reach steady production and positive cash flow, as well as for general corporate purposes.

Following completion of the Private Placement, the Company's share capital will be SEK 3,238,628.30243317 divided into 87,153,773 shares, each with a par value of SEK 0.0371599322777818.

Settlement of the Offer Shares is expected to take place on or about 11 March 2024 on a delivery versus payment basis by delivery of new shares in the Company, expected to be facilitated by a quota value share issue agreement between the Company and the Manager (the "Quota Value Share Issue Agreement"). The Offer Shares allocated to applicants will not be tradable until the share capital increase pertaining to the Private Placement has been registered with the Swedish Companies Registration Office which subject to case handling time is expected on or about 11 March 2024.

The Private Placement represents a deviation from the existing shareholders' pre-emptive right to subscribe for the offer shares. The Board has carefully considered the Private Placement in light of the equal treatment obligations under the Swedish Companies Act, and the prohibition against giving anyone an unreasonable advantage at the Company's or the shareholders' expense set out in the Norwegian Securities Trading Act, Euronext Growth Oslo, Rule Book Part II section 3.1(2), and the Oslo Stock Exchange's Guidelines on the rules of equal treatment, and deems that the proposed Private Placement is in compliance with these obligations. The Board is of the view that it will be in the best interest of the Company and its shareholders to deviate from the shareholders' pre-emptive right as resolved through the Private Placement. The reason for the deviation from the shareholders’ pre-emption rights is that the Company is in immediate need of capital. In addition, the Debt Refinancing was conditional upon the Company raising at least NOK 40 million in new equity, and the Private Placement enabled the Company to carry out an equity raise in an efficient manner and in close coordination with the Debt Restructuring. By structuring the equity raise as a direct share issue, the Company was able to raise the equity capital, which the Debt Restructuring was conditioned upon, in an efficient manner and with lower completion risk compared, inter alia, to a rights issue. The Company's Board has investigated the conditions and carefully considered the possibility of only carrying out a rights issue in order to raise the required capital but has come to the conclusion that, for the aforementioned reasons, it was necessary to first carry out the Private Placement before the Subsequent Rights Issue could be pursued. The Subsequent Rights Issue may also partly mitigate the dilutive effects of the Private Placement on the Company’s existing shareholders who did not participate in the Private Placement as the investors in the Private Placement will not receive rights in the Subsequent Rights Issue based on their subscription in the Private Placement.

Subsequent Rights Issue
The Board has today resolved to proceed with and announce the Subsequent Rights Issue of up to 28,346,785 new shares in the Company. In aggregate, 53,150,223 subscription rights will be issued (the "Subscription Rights"). The Subsequent Rights Issue will, subject to applicable securities laws, be directed towards existing shareholders in the Company as of the end of trading on 5 March 2024 (as registered in the Norwegian Central Securities Depository (the "VPS") two trading days thereafter, on 7 March 2024) (the "Record Date”) and who are not resident in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar actions (the “Eligible Shareholders”). Eligible Shareholders will receive one (1) tradable subscription right for each share held in the Company as of the Record Date. Fifteen (15) Subscription Rights give the right to subscribe for eight (8) new shares. Subscription without Subscription Rights will be permitted in the Subsequent Rights Issue, however there is no guarantee that new shares will be allocated for such subscriptions. The subscription price per new share in the Subsequent Rights Issue will be the same as in the Private Placement (i.e. NOK 1.00 per share), which means that Akobo Minerals will receive gross proceeds of approximately EUR 2.5 million before deduction of transaction costs, provided that the Subsequent Rights Issue is fully subscribed.

Provided that the Subsequent Rights Issue is fully subscribed, the number of shares in Akobo Minerals will, through the Subsequent Rights Issue, increase by 28,346,785 from 87,153,773 to 115,500,558 and the share capital will increase by a maximum of approximately SEK 1,053,364.61089284, from SEK 3,238,628.30243317 to approximately SEK 4,291,992.91332601.

Indicative timetable of the Subsequent Rights Issue will be presented in a separate stock exchange announcement and the complete terms and conditions of the Subsequent Rights Issue will be presented in a national prospectus (Nw: "Nasjonalt Prospekt") that is expected to be published on the Company's website on or about 13 March 2024.

Proposed conversion of debt by conversion of two convertible loans and a bridge loan
Further, the Board has resolved convene an extraordinary general meeting on 2 April 2024 (the “EGM”) to decide upon the Set-Off Issue to lenders of the bridge loan as announced in the Company’s stock exchange announcement made on 8 February 2024 and the holders of the two convertible loans announced by the Company on 20 March 2023 and 6 September 2023.

Lenders representing 83 % of the bridge loan have, as of today, committed to convert the outstanding amount thereunder (including accrued interests and interests which will accrue until maturity), and lenders representing 92 % of the total outstanding amount under the convertible loans have, as of today, committed to the same. The remaining lenders under the convertible loans and the bridge loan will be offered the opportunity to convert their respective portions of the convertible loans and the bridge loan.

Conversion of the bridge loan and the convertible loans into new shares in the Company will be the same price per share as in the Private Placement (i.e. NOK 1.00 per share).

Any conversion of the bridge loan and/or the convertible loans is subject to approval by the EGM of the Set-Off Issue.

Notice convening the EGM will be published separately today. Further information will be announced in a separate stock exchange announcement.

Advisors
SpareBank 1 Markets AS has acted as financial advisor to the Company and Advokatfirmaet Schjødt AS has acted as legal advisor to the Company in connection with the Transaction.

For more information, please contact:

Jørgen Evjen, CEO, Akobo Minerals

Mob: (+47) 92 80 40 14

Mail: jorgen@akobominerals.com

LinkedIn: www.linkedin.com/company/akobominerals

Web: www.akobominerals.com

This information is considered to include inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This announcement was published by Jørgen Evjen on 27 February 2024 at 17.30 CET.

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.

Important information

This press release and the information herein is not for publication, release or distribution, in whole or in part, directly or indirectly, in or into Australia, Canada, Japan, Hong Kong or the United States or any other state or jurisdiction in which publication, release or distribution would be unlawful or where such action would require additional prospectuses, filings or other measures in addition to those required under Swedish or Norwegian law.

The press release is for informational purposes only and does not constitute an offer to sell or issue, or the solicitation of an offer to buy or acquire, or subscribe for, any of the securities mentioned herein (collectively, the "Securities") or any other financial instruments in Akobo Minerals AB. Offers will not be made to, and application forms will not be approved from, subscribers (including shareholders), or persons acting on behalf of subscribers, in any jurisdiction where applications for such subscription would contravene applicable laws or regulations, or would require additional prospectuses, filings, or other measures in addition to those required under Swedish or Norwegian law. Measures in violation of the restrictions may constitute a breach of relevant securities laws.

The Securities mentioned in this press release have not been registered and will not be registered under any applicable securities law in Australia, Canada, Japan, Hong Kong or the United States and may, with certain exceptions, not be offered or sold within, or on behalf of a person or for the benefit of a person who is registered in, these countries. The company has not made an offer to the public to subscribe for or acquire the Securities mentioned in this press release other than in Sweden and Norway.

None of the Securities have been or will be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction in the United States, and may not be offered, pledged, sold, delivered or otherwise transferred, directly or indirectly. There will not be any public offering of any of the Securities in the United States.

In the EEA Member States, with the exception of Sweden (each such EEA Member State, a "Relevant State"), this press release and the information contained herein are intended only for and directed to qualified investors as defined in the Prospectus Regulation. The Securities mentioned in this press release are not intended to be offered to the public in any Relevant State and are only available to qualified investors except in accordance with exceptions in the Prospectus Regulation. Persons in any Relevant State who are not qualified investors should not take any actions based on this press release, nor rely on it.

In the United Kingdom, this press release is directed only at, and communicated only to, persons who are qualified investors within the meaning of article 2(e) of the Prospectus Regulation (2017/1129) who are (i) persons who fall within the definition of "investment professional" in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (ii) persons who fall within article 49(2)(a) to (d) of the Order, or (iii) persons who are existing members or creditors of Akobo Minerals AB or other persons falling within Article 43 of the Order, or (iv) persons to whom it may otherwise be lawfully communicated (all such persons referred to in (i), (ii), (iii) and (iv) above together being referred to as "Relevant Persons"). This press release must not be acted on or relied on by persons in the UK who are not Relevant Persons.

This announcement does not constitute an investment recommendation. The price and value of securities and any income from them can go down as well as up and you could lose your entire investment. Past performance is not a guide to future performance. Information in this announcement cannot be relied upon as a guide to future performance.

Forward-looking statements

This press release contains forward-looking statements that reflect the Company's intentions, assessments, or current expectations about and targets for the Company's future results of operations, financial condition, development, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are statements that are not historical facts and may be identified by the fact that they contain words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this press release or any obligation to update or revise the statements in this press release to reflect subsequent events. Readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements contained in this press release speak only as at its date and are subject to change without notice. Neither the Company nor anyone else does undertake any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in Akobo Minerals have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in Akobo Minerals may decline and investors could lose all or part of their investment; the shares in Akobo Minerals offer no guaranteed income and no capital protection; and an investment in the shares in Akobo Minerals is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Directed Share Issue.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in Akobo Minerals.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in Akobo Minerals and determining appropriate distribution channels.