Akobo Minerals AB (publ) – Notice of transaction by PDMR

Oslo, Norway – 15 March 2024 – Reference is made to the stock exchange announcement published by Akobo Minerals AB (publ) (the “Company“) on 27 February 2024, in which the Company announced a subsequent rights issue (the “Subsequent Rights Issue“) of up to 28,346,785 new shares in the Company (the “New Shares“), each with a quota value of SEK 0.0371599322777818, at a subscription price of NOK 1 per New Share (the ʺSubscription Priceʺ). In aggregate, 53,150,223 subscription rights (the “Subscription Rights“) have been issued, whereby fifteen (15) Subscription Rights gives the right to subscribe for eight (8) New Shares.

Today, PIR Invest Holding AS, a company closely associated with Hans Olav Torsen, chairman of the board of directors and primary insider in the Company, exercised 1,875,000 Subscription Rights, thereby subscribing for 1,000,000 New Shares at the Subscription Price, subject to completion of the Subsequent Rights Issue. The resolution on allocation of the New Shares is expected to be made by the Company’s board of directors on or about 2 April 2024.

The announced contribution serves as a vital addition to the Company’s bridge financing of NOK 6 million which was secured from existing shareholders as announced in the stock exchange announcement published by the Company on 8 February 2024 where, among others, Esmar AS, a company closely associated with Carl Eide, member of the board of directors and primary insider in the Company, contributed with NOK 3,500,000 and Kanoka Invest AS, a company closely associated with Jørgen Evjen, CEO and primary insider in the Company, contributed with NOK 500,000. Please refer to the separate stock exchange announcement published by the Company on 8 February 2024 for further information about the bridge loan.  

This information is subject to the disclosure requirements in article 19 of the European Market Abuse Regulation (EU 596/2014) and section 5-12 of the Norwegian Securities Trading Act.

For further information, 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


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.