Akobo Minerals secures NOK 25.3 million in new funding through a convertible loan

05 Nov 2024 08:30 CET

OSLO, 05 November 2024: Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO)
(the "Company"), a Scandinavian-based Ethiopian gold exploration and mining
company, today announced that it has issued an unsecured convertible loan (the
"Loan") of NOK 25.3 million with existing and new investors as lenders and the
Company as borrower. The board of directors and management of Akobo Minerals
contributed with NOK 3.6 million of the funds.

The Loan has a term of 24 months with an interest rate of 20% p.a. The Loan may
be converted into shares of the Company at the discretion of each lender or the
Company, or automatically at maturity, subject to specific conditions, including
approval by the general meeting of the Company.

If converted prior to maturity, the conversion price will be set as follows:

· Quarterly Reports: Upon the release of each quarterly financial report, the
conversion price will be the volume-weighted average price (VWAP) per share on
Euronext Growth Oslo for the 30 consecutive trading days preceding the report
release, with a 15% discount. The first possible conversion date will follow the
Q4 2024 report.

· New Share Issue: In the event that Akobo Minerals issues more than 5% new
shares, the conversion price will match the new share issue price, also at a 15%
discount.

If the Company initiates conversion within the first six months, the lenders
will receive a minimum of six months' accrued interest, converted at the
applicable discounted price.

For conversion at maturity, the conversion price shall be the volume-weighted
average price (VWAP) per share of the Company on Euronext Growth Oslo over the
30 consecutive trading days prior to the maturity date, with a 15% discount.

The actual conversion of the Loan into shares of the Company is subject to
approval by the general meeting of the Company. If the Company, for whatever
reason, is not able to issue the required shares to the lenders upon conversion,
the Loan (including accrued interest) shall be repaid in full by the Company.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.This information is considered to be
inside information pursuant to the EU Market Abuse Regulation and was published
by Jørgen Evjen, CEO, on the date and time provided herein.

Advokatfirmaet Schjødt has acted as legal advisor to the company on Norwegian
and Swedish law matters.

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
www.akobominerals.com

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration and 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. With over 14
years of active operations on the ground, the company has established a strong
foothold in Ethiopian gold exploration, now further strengthened with the
startup 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 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, Akobo Minerals
AB (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_me
d
ium=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 to
https://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.

Important informationThis release is not for publication or distribution,
directly or indirectly, in or into Australia, Canada, Japan, the United States
or any other jurisdictions where it would be illegal. It is issued for
information purposes only and does not constitute or form part of any offer or
solicitation to purchase or subscribe for securities, in the United States or in
any other jurisdiction. Thesecurities referred to herein have not been, and will
not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"), and may not be offered or sold in the United States absent
registration or pursuant to an exemption from registration under the U.S.
Securities Act. Akobo Minerals does not intend to register any portion of the
offering of the securities in the United States or to conduct a public offering
of the securities in the UnitedStates. Copies of this publication are not being,
and may not be, distributed or sent into Australia, Canada, Japan or the United
States.

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