AKORA Resources Limited (ASX:AKO) Announces $1.293 Million Share Placement and Trading Resumption
Share Placement Details
AKORA Resources Limited has secured firm commitments for a share placement, raising $1.293 million at $0.10 per share. The placement includes investments from an institutional investor, an iron ore industry participant, and participation from all Board and Management members, subject to shareholder approval. Proceeds will support strategic investor discussions and key logistics arrangements.
Trading Halt Lifted
The Company has requested the lifting of its trading halt, authorized by AKORA’s Board of Directors.
Company Overview
AKORA Resources (ASX: AKO) focuses on developing four high-grade iron ore projects in Madagascar. The flagship Bekisopa Iron Ore Project boasts a 194.7 million tonne Inferred JORC Resource, producing premium-grade +68% Fe concentrate suitable for greener steel production using DRI-EAF technology.
Executive Comments
AKORA’s Managing Director and CEO, Paul Bibby, stated, “This funding will enable the Company to actively pursue the opportunity for Strategics or Funds to invest in AKORA and its high grade iron ore project at Bekisopa post the release of the PFS in March, while progressing critical path logistics activities. Discussions with potential Strategic Partners indicated that they were waiting for the PFS release before progressing their decision making. AKORA welcomes an Australian Institution for the first time on the Share Register as well as a potential Strategic Partner.”
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