Increase in share capital for settlement of convertible loan through a directed share issue

Oslo, 3 July 2023: Reference is made to the stock exchange announcement made by Akobo Minerals AB (the “Company” or “Akobo”) on 5 July 2022 where the Company announced that it had secured a convertible loan of NOK 49.175 million (around USD 5 million equivalent) to fund the first phase of the Segele boutique mining operation in Gambella, Ethiopia.

According to the stock exchange announcement as contained therein, the convertible loan was structured as a short term-loan, maturing 12 months after the date of disbursement. According to the loan agreement, the loan shall be settled by conversion into shares in Akobo Minerals, whereas the loan shall be converted at the lowest price per share of either (i) NOK 5.75 or (ii) 30 business days VWAP (with a 15% discount) after the expiry of such 12-month period.

In accordance with the authorization granted by the extraordinary general meeting on 19 June 2023, the board of directors has today resolved to carry out a share capital increase to set off the loan, together with any accrued interest, against issuance of new shares in the Company. The conversion of the loan will take place by each lender subscribing for shares in a directed share issue through offsetting the loan amount for each lender at a price per share of NOK 5.29 (which corresponds to a 30 business days VWAP with a 15% discount as calculated from and including 16 May 2023 to and including 29 June 2023). Upon full conversion and following the share capital increase, the Company will have a share capital of SEK 1,956,478.687229 divided into 52,650,223 shares, each with a quota value of SEK 0.037160.

This information is subject the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


For more information, contact: 

Jørgen Evjen, CEO, Akobo Minerals 

Mob: (+47) 92 80 40 14 





About Akobo Minerals 

Akobo Minerals is a Scandinavian-based gold exploration and boutique mining company, currently holding an exploration license covering 182 km2 and with an ongoing mine development in the Gambela region and Dima Woreda, Ethiopia. The company has established itself as the leading gold exploration company in Ethiopia through more than 12 years of on-the-ground activity. 


Akobo Minerals holds a 16 km2 mining license and is working to start up mining of its very promising Segele target. It has an Inferred and Indicated Mineral Resource of 68.000 ounces yielding a world-class gold grade of 22.7 g/ton, combined with an estimated all-in sustaining cost (AISC) of 243 USD per ounce. Still open to depth, the gold mineralised zone continues to expand and will have a positive impact on future resource estimates and mine life. 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 we place environment and social governance (ESG) at the heart of our activities – as demonstrated by a planned industry-leading extending shared value program. 


Akobo Minerals has built a strong local foothold based upon 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.  


Akobo Minerals has a clear strategy aimed at building a portfolio of gold resources through high-impact exploration and mining, whilst adhering to a lean business operation. The company is headquartered in Oslo and is listed on the Euronext Growth Oslo Exchange and Frankfurt DAX under the ticker symbol, AKOBO.