London-listed Hamak Strategy has secured £200,000 through a share issue as it works to develop a broader financing structure for the Akoko gold project in Ghana. The company issued 25 million shares at 0.8 pence per share to Verdant International, which will hold approximately 5.24% of Hamak Strategy’s enlarged share capital following the transaction. Verdant has also been appointed the project’s exclusive strategic adviser and financing arranger.
The equity raising provides Hamak with additional funds for corporate activities and near-term technical work at Akoko, but the £200,000 transaction does not constitute mine-development financing. The strategic role given to Verdant is intended to support the creation of a larger financing and project-development structure.
Akoko drilling supports further exploration
Akoko remains at the exploration and resource-definition stage, with drilling results providing a basis for additional work. Reported results include an intercept of 23 metres grading 3.42 grams of gold per tonne. The drilling data are being used to support further exploration and resource-definition activities as the project advances toward a more defined geological and development framework.
Project still requires technical and economic work
The distinction between the strategic advisory mandate, a financing arrangement and committed project capital remains significant for Akoko. Verdant’s appointment is intended to assist with securing a broader financing structure, while the initial equity subscription represents only a small amount of capital relative to potential mine-development requirements.
Before conventional lenders can evaluate the project, Akoko still needs to establish a compliant mineral resource, complete metallurgical work, define a development concept, determine the applicable permitting route and produce preliminary economic assessments.
