Norway-based gold explorer Akobo Minerals has asked SpareBank 1 Markets to effect a private placement of between 4-million and 6.6-million new shares in the company at a price of NOK7.50 each.
The placement will raise between NOK30-million and NOK50-million, or between R49.5-million and R82-million.
Following a successful completion of the private placement and necessary approvals from the Oslo Stock Exchange, Akobo will apply for its shares to be admitted to trading on Euronext Growth Oslo.
Akobo is currently exploring for gold in the Akobo region of Ethiopia through its wholly-owned subsidiary Etno Mining.