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Company.
Resolution on adoption of accounts and allocation of the Company’s results
The annual general resolved to adopt the income statement and balance sheet, and
the consolidated income statement and consolidated balance sheet. The annual
general meeting further resolved to allocate the Company’s result in accordance
with the proposal from the board of directors, meaning that no dividends are
paid and that the available funds are carried forward.
Discharge from liability for the members of the board of directors and the CEO
The annual general meeting resolved to discharge all persons who have been
members of the board of directors or CEO of the Company during 2023 from
liability.
Remuneration for the board of directors and the auditors
The annual general meeting resolved that board remuneration shall be paid with
SEK 300,000 to the chairman of the board of directors and with SEK 175,000 to
each of the other board members who are not employed by the Company.
The annual general meeting further resolved that the remuneration to the auditor
shall be paid in accordance with approved invoice.
Election of the board of directors
The annual general meeting resolved to re-elect Hans Olav Torsen, Carl Eide and
Helge Rushfeldt as members of the board of directors for the period until the
next annual general meeting. At the subsequent statutory board meeting, Hans
Olav Torsen was re-elected chairman of the board.
Election of audit firm
Frejs Revisorer AB was re-elected as audit firm. Frejs Revisorer AB has
announced that the authorized public accountant Sébastien Argillet will continue
to be the auditor in charge.
Directed issue of warrants to management and employees
The annual general meeting resolved to approve the board of directors’
resolution on 23 May 2024 on a directed issue of not more than 4,810,000
warrants of series 2024-2027:1, entailing an increase in the share capital of
not more than SEK 178,739.274256 at full subscription, to management and
employees. The right to subscribe to the warrants shall, with deviation from the
shareholders’ pre-emption rights, vest in the management and employees listed in
the table below. The reason for the issuance of warrants and the deviation from
the shareholders’ preferential rights is to contribute to the possibilities to
hold shares in the Company through an incentive program through which the
management and employees can take part in and work for a positive value increase
of the Company’s shares during the period covered by the proposed warrant
program, and that the Company shall be able to retain competent and committed
personnel. Furthermore, the incentive program is carried out to compensate the
management and employees following the financial restructuring that the Company
has carried out. All subscribers have previously subscribed for warrants within
the framework of various incentive programs that are intended to be cancelled.
±----------------±-----------------+
|Subscriber |Number of warrants|
±----------------±-----------------+
|Matt Jackson |600,000 |
±----------------±-----------------+
|Jørgen Evjen |3,000,000 |
±----------------±-----------------+
|Tesfaye Medhane |450,000 |
±----------------±-----------------+
|Cathryn MacCallum|360,000 |
±----------------±-----------------+
|Aurel Aldea |400,000 |
±----------------±-----------------+
|Sum: |4,810,000 |
±----------------±-----------------+
Each warrant entitles a right to subscribe for one share in the company. The
warrants may be exercised to subscribe for new shares during the period from and
including the date that the warrants have been registered with the Swedish
Companies Registration Office up to and including 14 November 2027. The new
shares which may be issued due to subscription are not subject to any
restrictive provisions.
Directed issue of warrants to members of the board of directors
The annual general meeting resolved on a directed issue of not more than
1,200,000 warrants of series 2024-2027:2, entailing an increase in the share
capital of not more than SEK 44,591.918733 at full subscription to members of
the board of directors. The right to subscribe to the warrants shall, with
deviation from the shareholders’ pre-emption rights, vest in members of the
board of directors listed in the table below. The reason for the new issue and
the deviation from the shareholders’ preferential rights to stimulate
shareholding in the Company through an incentive program through which the board
of directors can take part in and work for a positive value development of the
Company’s shares during the period covered by the proposed incentive program.
Furthermore, the incentive program is carried out to compensate the board of
directors, following the financial restructuring that the Company has carried
out. All subscribers have previously subscribed for warrants within the
framework of various incentive programs that are intended to be cancelled.
±---------------±-----------------+
|Subscriber |Number of warrants|
±---------------±-----------------+
|Hans Olav Torsen|800,000 |
±---------------±-----------------+
|Helge Rushfeldt |400,000 |
±---------------±-----------------+
|Sum: |1,200,000 |
±---------------±-----------------+
Each warrant entitles a right to subscribe for one share in the company. The
warrants may be exercised to subscribe for new shares during the period from and
including the date that the warrants have been registered with the Swedish
Companies Registration Office up to and including 14 November 2027. The new
shares which may be issued due to subscription are not subject to any
restrictive provisions.
Authorization to resolve on new issues
The annual general meeting resolved to authorize the board of directors to, on
one or several occasions until the next annual general meeting, with or without
deviation from the shareholders’ pre-emptive rights, against payment in cash,
non-cash consideration or through set-off, resolve on new issues of shares,
convertibles and/or warrants.
For more information
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(https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_medi
um=Press+Release&utm_campaign=New+OTCQX+Company) (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
tohttps://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.
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