Akobo Minerals secures the first phase of funding for the Segele project
“This convertible loan gives us enough flexibility to explore the optimal financial structure for the whole project, for the benefit of the company and all our shareholders. Supported by our main shareholders, in addition to some new faces, I am convinced that we will achieve a very good solution to see this project through to cash generation.Along with funding, we continue to deliver on schedule with site works on schedule.The design and procurement phases of the processing plant are well advanced and we anticipate the arrival of major parts in
The contribution of said amount, mainly from the main shareholders, is structured in the form of a short-term loan, maturing 12 months after the date of disbursement, which will be converted into shares in
Further updates will be provided in due course.
SpareBank 1 Markets is acting as the company’s financial advisor in relation to the financing of the project. Advokatfirmaet Schjødt acts as legal counsel to the Company on matters of Norwegian law.
For more information contact:
Jorgen Evjen, CEO
Mobile: +47 92 80 40 14
Email: [email protected]
company, currently holder of an exploration permit covering 182 km2 and having a
ongoing mining development in the Gambela and Dima Woreda region,
company has established itself as the leading gold exploration company in
of its very promising target Segele. It has an inferred and indicated mineral
Resource producing a world-class gold grade of 22.7 g/tonne, combined with a
estimated all-in sustaining cost (AISC) of
depth, the gold mineralized zone continues to expand and will have a positive effect
impact on future resource estimates and life of mine. The research permit holds
many promising prospects for construction of exploration resources both in the vicinity
of Segele and in the wider license area.
to national authorities and places environmental, social and governance issues
(ESG) at the heart of its activities – as evidenced by an industry
– prominent community program.
good ethics, transparency and communication, and is ready to take on new
opportunities and projects as they arise. The company is uniquely positioned to
become a major player in the future development of the very promising Ethiopian
resources through high-impact exploration and mining, while adhering to a lean
operation of the company. The company is headquartered in
Euronext Growth Oslo Exchange under the symbol AKOBO.
For more information, see https://www.jorc.org/
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