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restructuring by amending and restating in full the terms of the loan agreement
with Monetary Metals (“MM”).
The amended and restated terms of the MM loan agreement, following the
Memorandum of Understanding announced on 13 May 2025, are now formally in place
with all conditions lifted. Key terms of the amended and restated terms include:
· Interest rate on the outstanding loan set at 22% per annum
· Interest-free period from 15 August 2025 to and including 15 February 2026
· Quarterly repayment with first repayment scheduled to begin in March 2026
· Loan maturity extended to 31 July 2027
· The gold loan can increase to a maximum of 10,490.1268 troy ounces before
going into default
· Issuance of new warrants to MM, increasing their entitlement to 3% of
Akobo’s fully diluted market capitalisation
As part of its financial strengthening, Akobo has also carried out a USD 3
million private placement of 15 million new shares subscribed by Ethiopian
Investment Holdings (EIH) at a subscription price of USD 0.20 per share, as
announced on 11 August 2025.
Akobo has also notified all bondholders that the two remaining convertible bonds
will be converted into shares, based on the terms of the private placement
towards EIH. The process of conversion and issuance of corresponding shares will
commence immediately.
With the funding from EIH, the convertible bonds, and the amended and restated
MM loan, the company is well-positioned to advancing its operations.
Construction of the vertical shaft is progressing according to plan and is
expected to be completed around year-end. Once operational, it is expected to
materially enhance production and revenues.
“We are pleased to have completed the restructuring and to continue our strong
partnerships with Monetary Metals and Ethiopian Investment Holdings,” said
Jørgen Evjen, CEO of Akobo Minerals. “Their support provides the financial
flexibility needed to complete the vertical shaft and improving our operations
in Ethiopia.”
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 (https://protect.checkpoint.com/v2/http
://www.linkedin.com/company/akobominerals.YzJlOnNjaGpkdGFzOmM6bzoxMGRjOGE2MTZm
MDIwYTc1M2VhODk0MjA0YzI4NGU2MTo2OjljYTI6MDY2NmFjNzRjN2JiMmU5NzM1YmYxMmE3MWQ1OTc2M
GI4ZmJmZTZjZmUzNGM0OTM4NDRlMjNkMTQ5OTQzZmRmOTpwOlQ6Tg)
Web:
www.akobominerals.com (https://protect.checkpoint.com/v2/http://www.akobominer
als.com/.YzJlOnNjaGpkdGFzOmM6bzoxMGRjOGE2MTZmMDIwYTc1M2VhODk0MjA0YzI4NGU2MTo2O
mMwNTc6NDJjMmY0ODRlMmM1ZmE5MWRkZDYzMjcyOWM2ZThlNGU5MTNmMDQ1Y2VlN2ZmZTI4ZDQxNjUwYz
Q2ZDFmZTA3MDpwOlQ6Tg)
About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold producer, currently holding an
exploration license covering 182 km2 and a mining license covering 16 km2 in the
Gambela region and Dima Woreda, Ethiopia. With over 15 years of active
operations on the ground, the company has established a strong foothold in
Ethiopian mining industry.
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 The mineralized
zone remains open at depth, supporting future resource estimates and extending
the mine’s 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 maintains strong relationships with local communities and
government authorities, placing ESG principles at the core of its operations.
The company’s commitment to sound ethics, transparency, and stakeholder
engagement is evident through its industry-leading extended shared value
program.
Akobo Minerals 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, the company is traded on the OTC Pink Market (OTC:
AKOBF).
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/.
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