Scandinavia-based Ethiopian gold exploration and boutique mining company Akobo Minerals has announced plans to apply for trading on the OTC Markets platform in the US, as well as to secure a Nkr30-million convertible loan.

Akobo, which owns the Segele gold project in Ethiopia, already has a full listing on two markets in Europe, but believes there are several benefits of having an additional US-based quotation for its shares.

The main benefit is having a freely tradeable security with a US ticker symbol and a dollar share quote that will enable the Akobo share to become available to all US investors through their broker of choice, it states.

Secondly, Akobo is already listed on the Euronext exchange in Oslo and, therefore, qualifies to trade on the OTC QX Best Market. "The listing process of securing an OTC cross-trade in the US is simplified without having to do any additional US regulatory or legal work," it points out.

“As the company moves towards gold production from our boutique mine in Ethiopia, we want to ensure that new investors have greater access to trading of our shares. An OTC cross-trade in the US, to supplement our European listing on the Oslo and Frankfurt exchanges, will achieve this.

“We have seen that there is high interest from investors in mining shares in the US and I am sure that Akobo Minerals can capitalise on this as we expand our operations in Ethiopia," CEO Jørgen Evjen comments.

Further, the company has initiated a process to securing a convertible loan of NKr30-million from a group of major shareholders and certain other stakeholders.

The company has already secured firm commitments of NKr27.25-million from some of the largest shareholders.

"Although there is good progress in the final construction of the processing plant, there have been delays, mainly due to a very heavy rainy season making the working conditions hard.

"Because of this delay, the company needs to secure additional funding to finalise the remaining construction work of the processing plant and advance the Segele underground mine. An official opening of the processing plant is planned for in late October after this year's rainy season has ended," the company says.