Oslo — Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that it has issued an unsecured convertible loan (the “Loan”) of NOK 34.4 million (approx. USD three million) from existing investors to fund the final phase of its Segele mining operation in Gambella, Ethiopia. The board of directors and management of Akobo Minerals contributed with NOK 4.7 million of the funds.
The proposed Loan has a term of two years and an interest rate of 20 % p.a. The Loan may be converted into shares on a quarterly basis or at the maturity date, subject to certain conditions being met.
If converted, the conversion of the Loan will take place by each lender subscribing for shares through offsetting the Loan amount (including accrued interest) against a conversion price of NOK 7.00 per Akobo Minerals share.
If the Loan is converted at maturity, the conversion price shall be the lowest of either (1) NOK 7.00 per Share or (2) the volume-weighted average price per Share on Euronext Growth Oslo over the thirty (30) consecutive trading days immediately preceding the Maturity Date with a 10% in discount.
