Hamak Strategy has amended its existing funding arrangement with institutional lender YA II PN, replacing a £2.5 million convertible loan note with a non-convertible loan of £1.66 million, the outstanding balance on the original facility.
The West Africa-focused gold explorer and Bitcoin treasury company said the restructured package removes the conversion rights that had attached to the previous instrument, eliminating a direct source of potential share dilution.
The 4% annual interest rate is unchanged, and no penalties or restructuring fees apply beyond £20,000 in legal costs.
Repayment begins 60 days after the new agreement takes effect, with amortisation spread across the following ten months under an agreed schedule.
Under the ATM terms, Hamak may retain the first £110,000 raised through its existing at-the-market facility, with half of all subsequent ATM proceeds directed toward reducing the loan balance.
Warrants issued to the lender, if exercised in full, would generate approximately £1.66 million in gross proceeds, aligning Yorkville's upside with equity performance at a premium to the 30 June offer price.
"The structure gives Hamak greater flexibility to focus capital on advancing Akoko, progressing our West African gold portfolio and continuing to develop our disciplined Bitcoin treasury strategy," said CEO Karl Smithson.
