Entitlement Offer Booklet
Released
Released
Announcement PDF
AKORA RESOURCES LIMITED
(ACN 139 847 555) (ASX:AKO)
ENTITLEMENT ISSUE OFFER DOCUMENT
For a non-renounceable, pro-rata entitlement issue by AKORA Resources Limited to Eligible
Shareholders of one (1) New Share for every six (6) Shares held at 7:00pm (AEST) on 12 August
2025 (Record Date) at an issue price of $0.085 (8.5 cents) per New Share, to raise up to
approximately $2.08 million before costs (Offer).
The Offer closes at 5:00 pm (AEST) on Monday, 1 September 2025.
Important Notice
This document is not for release or distribution in the United States or elsewhere outside Australia or New
Zealand.
This is an important document and requires your immediate attention. If you are in any doubt about how to
deal with this document (Offer Document), you should consult your stockbroker, accountant, lawyer or
other professional adviser.
You are encouraged to carefully read this Offer Document in its entirety before making any investment
decision in relation to the Entitlement Issue. If you apply for New Shares under the Entitlement Issue you
will be agreeing to be bound by the terms of the Offer Document, and you will confirm that you have read,
understood and agreed to the terms of the Offer Document.
This Offer Document is not a prospectus or other form of disclosure document. It does not contain all of the
information that an investor may require to make an informed investment decision regarding, or about the
rights attaching to, the New Shares offered under this Offer Document.
This Offer Document does not provide financial advice and has been prepared without taking into account
your particular objectives, financial situation or needs. The New Shares offered by this Offer Document
should be considered highly speculative.
Participation in the Entitlement Issue is only open to holders of fully paid ordinary shares in AKORA at
7:00pm (AEST) on Tuesday, 12 August 2025 and whose address on the share register is in Australia
or New Zealand.
Page 1
Table of Contents
IMPORTANT INFORMATION ........................................................................................................... 2
CHAIRMAN’S LETTER ..................................................................................................................... 6
KEY OFFER DETAILS ...................................................................................................................... 7
KEY DATES ...................................................................................................................................... 8
ANSWERS TO KEY QUESTIONS .................................................................................................... 8
1
OVERVIEW OF THE COMPANY ....................................................................................... 11
2
THE OFFER AND ELIGIBILITY .......................................................................................... 11
3
HOW TO APPLY FOR NEW SHARES .............................................................................. 27
4
ADDITIONAL INFORMATION ............................................................................................ 30
5
DEFINITIONS ..................................................................................................................... 33
6
CORPORATE DIRECTORY ............................................................................................... 35
Page 1
IMPORTANT INFORMATION
This Entitlement Issue Offer Document (the Offer Document) has been prepared by AKORA
Resources Limited (ACN 139 847 555) (ASX: AKO) and is dated 15 August 2025.
The Company has appointed MST Financial Services Pty Limited (ABN 54 617 475 180) and Sanlam
Private Wealth Pty Ltd (ABN 18 136 960 775) to act as joint lead managers in respect of the Offer.
This Offer Document is not a prospectus or other disclosure document under the Corporations Act
and has not been lodged with ASIC.
The Offer contained in this Offer Document is being made without disclosure in accordance with
section 708AA of the Corporations Act, as modified by ASIC Corporations (Non-Traditional Rights
Issue) Instrument 2016/84.
In general terms, section 708AA permits certain companies to undertake entitlement issues without
being required to use or provide to shareholders a prospectus or other disclosure document.
Accordingly, the level of disclosure in this Offer Document is significantly less than the level of
disclosure required in, and what you would expect in, a prospectus. Eligible Shareholders should rely
on their own knowledge of the Company, refer to disclosures made by the Company to ASX, and
consult their professional advisers before deciding to accept the Offer.
The Offer Document does not constitute financial product advice and has been prepared without
taking into account an Eligible Shareholder’s investment objectives or financial circumstances. The
Offer Document does not purport to contain all the information that Eligible Shareholders may require
to make an informed investment decision regarding, or about the entitlement attaching to, the New
Shares offered under this Offer Document.
Securities will only be issued on the basis of this Offer Document in accordance with the terms set
out in this Offer Document.
As at the date of this Offer Document, the Company has complied with:
(a)
the provisions of Chapter 2M of the Corporations Act 2001 (Cth) (Corporations Act), as
they apply to the Company; and
(b)
sections 674 and 674A of the Corporations Act.
The Offer is made only to those Shareholders on the Record Date and who meet the requirements
set out in section 2.4 (Eligible Shareholders).
Before deciding whether to apply for New Shares, each Eligible Shareholder should consider whether
AKORA is a suitable investment for them in light of their own investment objectives and financial
circumstances and should seek professional advice from their accountant, stockbroker, lawyer or
other professional adviser before deciding whether to invest.
This is an important document
It is important that you carefully read this Offer Document in its entirety before deciding to invest in
AKORA and, in particular, that you consider the risk factors that could affect the financial performance
of AKORA. In addition to the general risks applicable to all investments in listed companies, there
are specific risks associated with an investment in AKORA. You should carefully consider these
factors in light of your personal circumstances (including financial and taxation issues) and seek
professional advice from your accountant, stockbroker, lawyer or other professional adviser before
deciding whether to invest.
Page 2
Disclaimer
No person is authorised to give any information or to make any representation in connection with the
Offer contained in this Offer Document. Any information or representation not contained in this Offer
Document may not be relied on as having been authorised by AKORA in connection with the Offer.
Neither AKORA nor any other person warrants the future performance of AKORA or any return on
any investment made under this Offer Document, except as required by law and then only to the
extent so required.
Future performance and forward looking statements
Applicants should note that the past share price performance of AKORA provides no guidance as to
its future share price performance. Any financial information provided in this Offer Document is for
illustrative purposes only and is not represented as being indicative of AKORA’s future financial
performance.
This document contains forward-looking statements. Forward-looking statements can generally be
identified by use of words such as “may”, “should”, “could”, “foresee”, “plan”, “aim”, “will”, “expect”,
“intend”, “project”, “estimate”, “anticipate”, “believe”, “forecast”, "target", "outlook", "guidance" or
“continue” or similar expressions. Forward-looking statements other than those of historical facts
may also include statements relating to the future financial condition, results of operations, projects
and business of AKORA and certain plans and objectives of the management of AKORA. The
forward-looking statements contained in this document are not based solely on historical facts but
are based on current expectations about future events and results. These forward-looking
statements are subject to inherent known and unknown risks and uncertainties, certain of which are
summarised under Section 2 Risk Factors herein, and other factors which are beyond the control of
AKORA. Such risks and uncertainties include factors and risks specific to the operations of AKORA,
as well as general economic conditions, prevailing interest rates, commodity prices, conditions in the
financial markets, government policies and regulations and competitive pressures. As a
consequence, forward-looking statements are provided as a general guide only and actual events or
results may differ materially from the expectations expressed or implied in such forward-looking
statements.
Forward-looking statements in this Offer Document speak only at the date of this Offer Document.
Subject to any continuing obligations under applicable law or the ASX Listing Rules, AKORA does
not, in providing this information, undertake any obligation to publicly update or revise any of the
forward-looking statements for any change in events, conditions or circumstances on which any such
statement is based. Accordingly, you are cautioned not to place undue reliance on forward-looking
statements contained in this document. Neither AKORA, nor any other person, gives any
representation, warranty, assurance or guarantee that the occurrence of the events expressed or
implied in any forward-looking statement will actually occur.
Excluded Information
As at the date of this Offer Document, the Company is not aware of any excluded information of the
kind that would require disclosure in this Offer Document pursuant to sections 708AA(8) and (9) of
the Corporations Act.
Ineligible shareholders
The Offer contained in this Offer Document is only an offer to persons (including individuals and
corporate entities) with registered addresses in Australia or New Zealand. The Offer is not extended
to, and no New Shares are offered or will be issued to, persons who do not meet the requirements
set out in section 2.4 (Ineligible Shareholders).
AKORA has determined, pursuant to ASX Listing Rule 7.7.1 that it would be unreasonable on this
occasion to extend the Offer to Ineligible Shareholders having regard to the number of Ineligible
Shareholders, the number and value of securities held by Ineligible Shareholders and the costs of
complying with the legal and regulatory requirements which would apply to an offer of securities to
Ineligible Shareholders in those jurisdictions.
Page 3
Foreign jurisdictions and restrictions on the distribution of this Offer Document
This Offer Document and accompanying Entitlement and Acceptance Form do not, and are not
intended to, constitute an offer of New Shares in any place outside Australia or New Zealand. The
distribution of this Offer Document and the accompanying Entitlement and Acceptance Form outside
of Australia or New Zealand may be restricted by law and persons who come into possession of this
Offer Document and the accompanying Entitlement and Acceptance Form should seek advice on
and observe those restrictions. Any failure to comply with those restrictions may constitute a violation
of applicable securities laws. Neither this Offer Document nor the accompanying Entitlement and
Acceptance Form may be sent or passed to persons outside Australia or New Zealand or otherwise
distributed outside Australia or New Zealand.
In particular, the Offer has not been, and will not be, registered under the Securities Act of 1933 (US)
or the securities laws of any state of the United States and is not being made in the United States or
generally to persons resident in the United States. Neither this Offer Document nor the accompanying
Entitlement and Acceptance Form may be sent to investors in the United States or otherwise
distributed in the United States.
The New Shares being offered to residents of New Zealand under this Offer Document are offered
in reliance on the Financial Markets Conduct (Incidental Offers) Exemption Notice 2021 (NZ). This
Offer Document and the Entitlement and Acceptance Form have not been registered, filed or
approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013
(NZ). This Offer Document is not an investment statement or prospectus under New Zealand law
and may not contain all the information that an investment statement or prospectus under New
Zealand law is required to contain.
In any event, the Offer is only made to and may only be accepted by Eligible Shareholders. No offer
is made pursuant to this Offer Document in any place in which, or to any person to whom, it would
be unlawful to make such an offer.
Notice to nominees and custodians
The Offer is being made to all Eligible Shareholders. AKORA is not required to determine whether
or not any Eligible Shareholder is acting as a nominee or the identity or residence of any beneficial
owners of Shares. Where any registered holder that qualifies as an Eligible Shareholder is acting
as a nominee for a foreign person, that registered holder, in dealing with its beneficiary, will need to
assess whether indirect participation by the beneficiary in the Offer is compatible with applicable
foreign laws. Return of a duly completed Entitlement and Acceptance Form will be taken by the
Company to constitute a representation that there has been no breach of those laws.
Privacy Act
If you complete an Entitlement and Acceptance Form, you will be providing personal information to
the Company (directly, or to the Company’s share registry). The Company collects, holds, and uses
that information to assess your application, service your needs as a shareholder, facilitate distribution
payments and corporate communications to you as a shareholder, and carry out administration.
The information may be used from time to time and disclosed to persons inspecting the register,
bidders for your securities in the context of takeovers, regulatory bodies, including the Australian
Taxation Office, authorised securities brokers, print service providers, mail houses and the
Company’s share registry.
You can access, correct, and update the personal information that we hold about you. Please contact
the Company or its share registry if you wish to do so, at the relevant contact numbers set out in this
Offer Document.
Page 4
Collection, maintenance and disclosure of certain personal information is governed by legislation
including the Privacy Act 1988 (Cth) (as amended), the Corporations Act, and certain rules such as
the ASX Settlement Operating Rules. You should note that if you do not provide the information
required on the Entitlement and Acceptance Form, the Company may not be able to accept or
process your application.
Competent Persons Statement
The information in this Offer Document that relates to Exploration Targets and Exploration Results
is based on information compiled by Mr Jannie Leeuwner – BSc (Hons) Pr.Sci.Nat. MGSSA and is
a full-time employee of Vato Consulting LLC. Mr. Leeuwner is a registered Professional Natural
Scientist (Pr.Sci.Nat. - 400155/13) with the South African Council for Natural Scientific Professions
(SACNASP). Mr. Leeuwner has sufficient experience which is relevant to the style of mineralisation
and type of deposits under consideration and the activity being undertaken to qualify as a
Competent Person as defined in the Note for Mining Oil & Gas Companies, June 2009, of the
London Stock Exchange and the 2012 Edition of the ‘Australian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr. Leeuwner consents to the
inclusion of the information in this Offer Document in the form and context in which it appears.
The information in this Offer Document that relates to the Mineral Resource estimate of the
Bekisopa project is based on, and fairly represents information and supporting documentation
compiled and reviewed by Mr. Richard Ellis, a full-time employee of Wardell Armstrong
International and independent of Akora Resources. Mr. Ellis is a Chartered Geologist (CGeol) and
Fellow of the Geological Society of London, and European Geologist (EurGeol) of the European
Federation of Geologists, and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking
to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ('JORC Code').
Mr. Ellis consents to the inclusion in the report of the matters based upon the information in the
form and context in which it appears.
The information in this document that relates to the Ore Reserve estimate for the Bekisopa project,
is based on and fairly represents information and supporting documentation compiled and reviewed
by Mr. Colin Davies, a full-time employee of Wardell Armstrong International and independent of
Akora Resources. Mr. Davies is a Chartered Mining Engineer (CEng), a Member of the Institute of
Materials, Minerals and Mining UK (MIMMM), and Qualified for Minerals Reporting (QMR). Mr.
Davies has sufficient experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as a Competent Person as
defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves" ('JORC Code'). Mr. Davies consents to the inclusion in the
report of the matters based upon the information in the form and context in which it appears.
Defined terms and abbreviations
Terms and abbreviations used in this Offer Document are defined in section 5 of this Offer Document.
Governing law
This Offer Document, the Offer and the contracts formed on acceptance of the Applications are
governed by the laws of Victoria. Each Applicant submits to the non-exclusive jurisdiction of the
courts of Victoria.
Queries
If you have not received a personalised Entitlement and Acceptance Form or have any queries on
how to complete the Entitlement and Acceptance Form, please contact AKORA’s share registry,
MUFG Corporate Markets, on +61 1300 55 44 74 between 8.30am and 5:30pm (Sydney time),
Monday to Friday.
Page 5
CHAIRMAN’S LETTER
15 August 2025
Dear Investor,
On behalf of the Directors of AKORA Resources Limited (ACN 139 847 555) (ASX: AKO) (AKORA
or the Company) I am pleased to offer you the opportunity to acquire New Shares in the Company.
This Offer Document contains an offer to existing Eligible Shareholders of the Company to subscribe
for one (1) New Share for every six (6) Shares you hold as at the Record Date at an Issue Price of
$0.085 (8.5 cents) per New Share. This is the Offer.
The Company is also pleased to announce that it has completed a private placement to institutional,
professional and sophisticated investors (Placement) of 9,798,000 Shares at $0.085 (8.5 cents) per
Share, that raised up to $832,830 (before costs). The Shares under the Placement were issued prior
to the Record Date under the Offer, meaning investors under the Placement will be entitled to
participate in the Offer on the basis of their total shareholdings as at the Record Date, which includes
those shares issued pursuant to the Placement.
The funds raised under the Placement and this Offer Document (net of expenses) will be used by
the Company for the following:
(a)
Bekisopa Project Development Works:
(i).
commencement of Feasibility Study;
(ii).
continue Environmental Impact Assessment; and
(iii).
permitting and licencing including progression to Mining Licence for Bekisopa;
(b)
progressing strategic investor process;
(c)
commencement of community engagement:
(d)
tenement maintenance;
(e)
working capital; and
(f)
costs of the capital raise.
This Offer Document contains detailed information about the Offer and the Company’s business, as
well as the risks of investing in the Company. I encourage you to read it carefully.
Yours sincerely,
Graeme Hunt
Non-Executive Chairman
AKORA Resources Limited
Page 6
KEY OFFER DETAILS
Key data relating to the Offer
Issue Price per New Share
$0.085
Last traded Shares on ASX ended 31 July 2025
$0.105
Discount of the Issue Price to the 15-day VWAP of Shares
on ASX for the period ended 31 July 2025
20.5%
Maximum number of New Shares to be offered under the
Offer¹
24,532,106
Proceeds from the Offer (excluding costs associated with
the Offer)
$2,085,229
Total number of Shares on issue following the Offer
(assuming full subscription)²
171,724,740
¹ Following the issue of Shares under the Placement.
² These figures are approximate only and are subject to rounding.
Page 7
KEY DATES
Event
Proposed Date
Announcement Date
Tuesday, 5 August 2025
Placement Settlement Date
Friday, 8 August 2025
Placement Issue Date
Issue Placement shares and lodgement of Appendix
2A and Cleansing Notice (Placement) with ASX
Monday, 11 August 2025
“Ex” Date for Offer
Monday, 11 August 2025
Record Date for Offer
7:00pm (AEST) on Tuesday, 12
August 2025
Dispatch of Offer Document and Entitlement and
Acceptance Form
Offer Opening Date
Friday, 15 August 2025
Friday, 15 August 2025
5:00 pm on Monday, 1 September
2025
Offer Closing Date
Offer Results Announcement Date
Company announces results of Offer
Thursday, 4 September 2025
Issue Date
Issue of New Shares taken up under the Offer
Thursday, 4 September 2025
Trading Date
Normal trading of Offer Shares and dispatch of holding
statements
Friday, 5 September 2025
The timetable above is indicative only and may be subject to change. AKORA reserves the right to
amend any or all of these dates and times, subject to the Corporations Act, the ASX Listing Rules,
and any other applicable laws. In particular, AKORA reserves the right, to extend or otherwise vary
the Closing Date or to withdraw the Offer without prior notice. Any extension or variation of the
Closing Date will have a consequential effect on the date for the allotment of New Shares.
The commencement of quotation of New Shares is subject to confirmation from ASX
ANSWERS TO KEY QUESTIONS
Question
Answer
What is the Offer?
One (1) New Share for every six (6) Shares held on the
Record Date at an Issue Price of $0.085 (8.5 cents) per
New Share.
Who can participate in the Offer?
Only Eligible Shareholders can participate in the Offer.
Eligible Shareholders are persons who meets the
requirements set out in section 2.4.
How much do I have to pay to participate in
the Offer?
The Issue Price for each New Share is $0.085 (8.5
cents). You may subscribe for all, or part, of your
Entitlement.
Page 8
Question
Answer
What are the terms of the New Shares?
The New Shares issued under the Offer will rank equally
with all existing Shares.
What is the purpose of the Offer?
Proceeds from the Offer (net of expenses) will be used
by the Company for the following:
(a)
Bekisopa Project Development Works:
(iv).
commencement of Feasibility Study;
(v).
continue
Environmental
Assessment; and
(vi).
permitting
and
licencing
including
progression to Mining Licence for Bekisopa;
Impact
(b)
progressing strategic investor process;
(c)
commencement of community engagement:
(d)
tenement maintenance;
(e)
working capital; and
(f)
costs of the capital raise.
Is the Offer underwritten?
No.
Can I apply for shares in excess of my
Entitlement?
Yes. Eligible Shareholders who take up their full
Entitlement under the Offer may apply for more New
Shares than the number shown on their Entitlement and
Acceptance Form.
Applications for Additional Shares may be considered if
a Shortfall under the Offer exists. Additional Shares will
be issued to Eligible Shareholders at the discretion of the
Directors. There is no guarantee that you will receive
Additional Shares.
What are the risks associated with applying
for New Shares under the Offer?
An investment in AKORA involves general risks
associated with any investment in shares, including that
the price of the New Shares may rise or fall.
There are also a number of risk factors, both specific to
AKORA and of a general nature, which may affect the
future operating and financial performance of AKORA
and the value of an investment in AKORA. These specific
risks include, but are not limited to, exploration and
development risks, mineral resource risks, Madagascar
legal system risks, environmental risks, business risks,
additional funding, loss of key management, acquisitions
and other strategic investments as well as the risk of
future financings.
See section 2.12 for further information regarding the
risks associated with investing in the Company.
Page 9
Question
Answer
What are my options?
You may:
How do I accept my Entitlement?
(a)
take up all, or part, of your Entitlement;
(b)
take up all of your Entitlement and apply for
Additional Shares; or
(c)
do nothing and allow all of your Entitlement to
lapse in which case the New Shares comprising
your Entitlement may be placed by the Directors at
their discretion under the Shortfall Offer.
If you are an Eligible Shareholder, and you wish to
subscribe for all or some of the New Shares making up
your Entitlement, you must make a payment via BPAY®
or EFT as noted on your personalised Entitlement and
Acceptance Form for the Application Money.
Please refer to section 3 for further details on how to
accept your Entitlement.
If you have not received an Entitlement and Acceptance
Form, please call MUFG Corporate Markets, on 1300 55
44 74 between 8.30am to 5:30pm (Sydney time).
Can I sell or transfer my Entitlement?
No. The Offer is non-renounceable and, accordingly, you
cannot sell or transfer any of your Entitlement.
How can I obtain further information?
AKORA encourages you to seek advice from your
financial or other professional adviser in respect of the
Offer.
Page 10
1
OVERVIEW OF THE COMPANY
1.1
Overview
AKORA Resources Limited (ASX: AKO) was incorporated on 6 October 2009 and
conducted exploration activities as an unlisted entity until its listing on the Australian
Securities Exchange on 16 December 2020.
The Company is focused on the development of four high-grade iron ore projects in
Madagascar.
The Company’s flagship Bekisopa Iron Ore Project has a 194.7 million tonne (mt) Inferred
JORC Resource with very low impurities able to produce a premium-priced +68% Fe
concentrate1. Direct Reduced Iron-Electric Arc Furnace (DRI-EAF) technology which is
used to make steel without coal and considerably less carbon emissions, requires iron ore
grades of at least 67%2.
To generate cash in the near-term, AKORA is advancing plans at Bekisopa for a Stage1,
2Mt per annum Mine with an initial six-year life of mine, producing 61.6% Fe average grade
lump and fine direct shipping ore (DSO) for shipping to Blast Furnace steelmakers; with
potential to add to the DSO inventory and a potential multi-year Stage 2 to follow3.
Please refer to the Company’s Corporate Update released to the ASX on 21 July 2025 for
further information regarding the Company and its operations.
1
Please refer ASX announcements dated 2 March 2022 and 11 April 2022.
Please refer ASX announcement dated 14 November 2023.
3
Please refer ASX announcement dated 31 March 2025.
2
2
THE OFFER AND ELIGIBILITY
2.1
The Offer
AKORA is offering Eligible Shareholders the opportunity to subscribe for one (1) New Share
in AKORA for every six (6) Shares held at 7:00PM (AEST) on the Record Date at an Issue
Price of $0.085 (8.5 cents) per New Share, to raise approximately $2.08 million (before
costs).
Based on the number of Shares on issue as at the date of this Offer, a maximum of
approximately 24,532,106 New Shares may be issued pursuant to this Offer.
2.2
Your Entitlement
The number of New Shares to which you are entitled to subscribe is shown on the
accompanying Entitlement and Acceptance Form. Fractional entitlements have been
rounded up to the nearest whole Share, except where the rounding up of a fractional
Entitlement would result in the Eligible Shareholder increasing their voting power in the
Company from 20% or below to more than 20% in which case the fractional Entitlement has
been rounded down. Holdings on different registers or sub-registers will not be aggregated
to calculate entitlements.
You may also wish to apply for additional New Shares under the Shortfall Facility set out in
Section 2.8.
All of the New Shares offered under this Offer Document will rank equally with the Shares
on issue at the date of this Offer Document.
Page 11
2.3
Issue Price
The Issue Price payable for each New Share is $0.085 (8.5 cents), being a 20.5% discount
to the 15-day volume weighted average market price (VWAP) of Shares on the ASX for the
period ended 31 July 2025.
Eligible Shareholders will not be obliged to pay brokerage fees in respect of New Shares
acquired under the Offer, although the Company will pay certain professional, joint lead
manager, legal and other fees to third parties (please refer to Section 4.3 below).
Eligible Shareholders should note that the market price of Shares may rise and fall between
the date of this Offer and the date when New Shares are allotted under the Offer.
Accordingly, the price you pay per New Share pursuant to this Offer may be either higher or
lower than the market price of Shares at the time of this Offer or at the time the New Shares
are allotted under this Offer.
AKORA recommends that you monitor the price of the Shares, which can be found in the
financial pages of major Australian metropolitan newspapers, or on the Australia
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