Akobo Minerals AB announced that it has entered into a private placement of unsecured convertible loan for gross proceeds of NOK 22,475,000 million on March 20, 2023. The transaction will include participation from new and existing investors and also includes the board of directors and management for NOK 3,800,000 million from returning and new investors. The loan carries fixed interest rate of 15% per annum.

The loan will mature after 2 years. The loan may be converted into shares on a quarterly basis or at the maturity date, subject to certain conditions being met at a conversion price of NOK 6.90 per share.