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24 April 2024

Hamak Gold Limited

("Hamak Gold" or the "Company")

Fundraising

Issue of Shares to Directors

Hamak Gold Limited (LSE: HAMA) announces that it has raised gross proceeds of £200,000 (before expenses) via the issue of 16,000,000 new ordinary shares of no par value ("Ordinary Shares") at a price of £0.0125 each (the "Issue Price") (the "New Issue Shares") by the Company's broker Peterhouse Capital Limited ("Peterhouse").  Each New Issue Share will have one attaching warrant for every one New Issue Share, exercisable at 3 pence for a period of 12 months from the date of admission of the New Issue Shares ("New Issue Share Warrants"). The New Issue Share Warrants will be subject to an acceleration clause whereby, if the Company's Ordinary Shares trade at a volume average weighted price of 4 pence (mid-price) for five consecutive business days, the Company shall have the right but not the obligation to serve notice to warrant holders, providing 7 calendar days notice to exercise the New Issue Share Warrants. Each warrant holder will have up to 14 calendar days to pay for the exercise of their New Issue Share Warrants, subject to the terms of the Warrant Deed, otherwise such New Issue Share Warrants will be forfeited and lapse.

The proceeds of the fundraising will be used for general working capital and progressing the exploration at the Nimba high-grade gold discovery to conduct detailed geological and structural mapping and trenching in order to identify the next series of drill holes associated with the strong 3km long gold zone that the Company has defined and which has yielded a best drill intersect of 20m @ 7g/t Au (including 5m @22g/t Au).

In addition the Company is also issuing a total of 14,512,381 new Ordinary Shares at the same Issue Price to settle certain fees and debts owed to Directors and Professional Advisers (the "Settlement Shares")

Background

The Company is currently unable to issue and admit the entirety of the New Issue Shares without either the publication of an FCA approved prospectus or relying upon an exemption to the requirement to issue a prospectus. Consequentially, this fundraise involves a combination of a subscription by Karl Smithson, Executive Director of Hamak, for 16,725,865 new Ordinary Shares in the Company (the "Director Shares"), at the Issue Price, and a placing and subscription by new investors introduced by Peterhouse, of the balance of 5,946,516 New Issue Shares, again at the same Issue Price.

Following Admission, Karl Smithson has agreed to immediately sell 10,053,484 of the Director Shares, at the same £0.0125 Issue Price, to certain investors; of the balance of the Director Shares issued, 3,120,000 will be utilised to cover settlement of Professional Adviser Fees as set out below, and 3,552,381 in settlement of salaries and fees issued to non-directors.

Settlement Shares in Lieu of Director Salaries

In addition to the above issuance of New Issue Shares, the Company also intends to issue a total of 7,840,000 new Ordinary Shares directly to certain of the Directors and management of the Company at the Issue Price in lieu of, and in satisfaction of, salary and fees due to them up until the end of March 2024 as set out in the following table:

Settlement Shares in Lieu of Professional Advisers Fees

In settlement for accrued retainer and commission fees, Hamak also intends to issue a total of 3,120,000 new Ordinary Shares to Peterhouse, at the Issue Price, representing full settlement of all outstanding retainer and commission fees owed by the Company.

Application will be made for the new Ordinary Shares to be admitted to trading on the Official List (standard listing segment) and to trading on the London Stock Exchange's main market for listed securities. Admission is expected to take place on or around 1 May 2024.

Total Voting Rights

Following Admission, the Company has 81,075,903 Ordinary Shares of no par value in issue, each with one vote per share (and none of which are held in treasury). The total number of voting rights in the Company is therefore 81,075,903. This figure of 81,075,903  may be used by shareholders in the Company as the denominator for calculations to determine if they have a notifiable interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules, or if such interest has changed.

For further information you are invited to view the company's website at www.hamakgold.com or please contact:

About Hamak Gold Limited

Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold exploration of a portfolio of licences in highly prospective areas of Liberia, where significant drilling results have identified a new high-grade gold discovery with the discovery hole returning 20m @ 7g/t Au near surface.