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 in order to conduct and execute financing for the project.

Construction of the small-scale plant project will commence as soon as financing is in place, with initial production start-up – and gold producing operations – expected before the end of 2022.

CEO, Jørgen Evjen, stated: “The announcement of our partnership with SpareBank 1 Markets AS to seek new additional funding for the company is a major next step in the development of our mining operation towards pouring of first gold by the end of the year.“

“Our exploration team has been successful in finding more gold at greater depths as our project has developed. We have also secured long-term licenses and relationships with local and national authorities, as well as establishing a significant collaboration with Oromia Bank to develop new mining ventures in Ethiopia.”

Evjen concluded: “We are proud to have met all of our scheduled strategic milestones since the company went public on the Euronext Growth Oslo in June 2021, the latest of which was the laying of the foundation stone for our mine in early March 2022.”

An updated company presentation is available here.

For more information, contact:

Jørgen Evjen, CEO Akobo Minerals
Mob: +47 92 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn: www.linkedin.com/company/akobominerals
Twitter: @akobominerals
Web: https://akobominerals.wpengine.com

Jarand Lønne, SpareBank 1 Markets AS
Head of Natural Resources
Mob.: (+47) 97 98 49 61
Mail: jarand.lonne@sb1markets.no