Akobo Minerals AB announced a private placement to issue a 20% unsecured convertible loan at an issue price of NOK 34,400,000 per loan for the gross proceeds of NOK 34,400,000 on September 6, 2023. The transaction included participation from existing investors. The loan bears 20% interest rate and matures 2 years from the date of closing.

The Loan may be converted into shares on a quarterly basis or at the maturity date, subject to certain conditions being met and conversion price of NOK 7 per share. The transaction included participation from board of directors who have contributed for NOK 4,700,000. The loan matures on September 6, 2025.