Akobo to secure NKr30m convertible loan
Scandinavian gold exploration and mining company Akobo Minerals has initiated a process to secure a two-year convertible loan of up to NKr30-million.
The loan will offer a 20% yearly interest rate and the opportunity to convert the loan into equity at a 15% discount.
The company said on October 21 that the loan already has strong interest from major shareholders, adding that the financing is expected to be completed by the end of the month.
Akobo has now entered a new phase wherein it is actively producing gold. The first gold bar has already been produced, with Akobo in a position to increase daily production as it approaches some of the richest sections of the Segele deposit, in Ethiopia, which has an average grade of 75 g/t.
While Akobo is progressing towards covering its operating expenses, the company has said it recognises the need for additional financing to sustain this momentum and support longer-term strategic goals, in addition to evaluating ongoing external funding processes.
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