Akobo Minerals signs mandate letter with international debt arranger
Scandinavia-based Ethiopian gold exploration and boutique mining company Akobo Minerals has signed a mandate letter with an international debt arranger for a contemplated loan of up to $8-million.
The contemplated loan is expected to provide Akobo with sufficient funding to complete its mining development at its Segele project and start production in the first quarter of 2023.
Pursuant to the mandate letter, the intention is to complete all conditions precedent, including a customary due diligence, site visit and agreeing on relevant documentation prior to entering into the final loan agreement.
Further, it is expected that Akobo will grant the lender warrants representing 2% of its equity, with a strike price equal to Akobo’s share price on the mandate letter signing date, where such warrants will vest immediately.
The mandate letter is not a binding loan agreement and there can be no guarantees that a final loan agreement will be entered into and/or that the loan will be funded to Akobo, the company points out.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation