Akobo secures NKr6-million bridge loan from shareholders
Scandinavian gold exploration and mining company Akobo Minerals has secured a NKr6-million bridge loan.
As part of the ongoing efforts to secure new funding, the company said on February 9 that it had successfully addressed a short-term liquidity requirement and that the bridge financing of NKr6-million had been secured from existing shareholders.
The Akobo board and management contributed to this with NKr4-million of the funds, of which Esmar, a closely associated company of director Carl Eide contributed NKr3.5-million and Kanoka Invest, a closely associated company of CEO Jørgen Evjen, contributed NKr500 000.
The proposed loan matures in August 2025 and has an interest rate of 20% a year. The loan may be converted into shares at the next share issue 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. The loan, including accrued interest, may be converted into shares at the earliest of the resolution of a private placement of shares, or at the maturity date.
Akobo said this financial measure provides the company with flexibility to navigate the current landscape and conclude a financial solution that involves all stakeholders in the company.
Akobo said it remained actively engaged in discussions with relevant stakeholders to explore various long-term financing options to address its overall liquidity requirements.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.
VISIT SHOWROOM
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
