OSLO, NORWAY: Akobo Minerals AB has appointed SpareBank 1 Markets AS to advise on project financing for the company’s boutique gold mining operation for the Segele deposit in Ethiopia.
As financial adviser, SpareBank 1 Markets AS (the Manager) will work closely with Akobo Minerals to explore relevant funding opportunities such as equity, bank debt and offtake agreements, along with other strategic options that are available to the Company in order to conduct and execute financing for the project.
Construction of the small-scale plant project will commence as soon as financing is in place, with initial production start-up – and gold producing operations – expected before the end of 2022.
Akobo Minerals CEO, Jørgen Evjen, stated: “The announcement of our partnership with SpareBank 1 Markets AS to seek new additional funding for the company is a major next step in the development of our mining operation towards pouring of first gold by the end of the year.”
“Our exploration team has been successful in finding more gold at greater depths as our project has developed. We have also secured long-term licenses and relationships with local and national authorities, as well as establishing a significant collaboration with Oromia Bank to develop new mining ventures in Ethiopia.”
Evjen concluded: “We are proud to have met all of our scheduled strategic milestones since the company went public on the Euronext Growth Oslo in June 2021, the latest of which was the laying of the foundation stone for our mine in early March 2022.”