£1.66 million Amended Funding Package
Hamak Strategy Limited (LSE: HAMA / OTCQB: HASTF), a company combining advanced gold exploration in West Africa with a disciplined Digital Asset Treasury Management strategy, is pleased to announce that it has entered into an amendment and restatement of its existing funding arrangements with YA II PN Ltd (the “Lender”), an institutional investor managed by Yorkville Advisors Global, LP.
The amended package restates the outstanding balance of the previous £2.5 million convertible loan note announced on 4 December 2025 into a non-convertible loan of £1,657,671.23. The Board believes the revised structure materially improves funding visibility, removes the conversion rights attached to the previous CLN and provides a clearer repayment pathway while allowing the Company to retain working capital flexibility for its operational and strategic objectives.
Highlights
• Outstanding CLN balance restated into a non-convertible loan of £1,657,671.23.
• No penalties and no restructuring fees, other than £20,000 of legal fees in connection with the required documentation.
• Interest rate remains at 4% per annum.
• Amortisation commences 60 days after entry into the new loan agreement and then follows an agreed repayment schedule over the subsequent ten months.
• Hamak may retain the first £110,000 of cash raised through its existing At The Market Facility (“ATM”), with 50% of ATM proceeds thereafter applied to reduce the outstanding loan balance.
• Warrants are exercisable at 1p per share, a 54% premium to the offer price of the Company’s shares on 1 July 2026 and are exercisable on a cash basis only.
New Loan Agreement
The new funding package represents an amendment and restatement, without penalties, of the previous £2.5 million Convertible Loan Note announced on 4 December 2025 (the “CLN”). The new loan amount is £1,657,671.23, representing the outstanding balance of the previous CLN.
Importantly, the new loan has no conversion rights attached to it. The interest rate remains at 4% per annum and there are no fees attached to the restatement save for £20,000 of legal fees in drafting the required documents.
Amortisation of the loan will commence 60 days from entering into the new loan agreement and will follow an agreed repayment schedule between the Company and the Lender over the subsequent ten months. If the Company utilises its existing ATM to raise funds from the issue of new shares, it will be entitled to retain the first £110,000 in cash raised and, thereafter, use 50% of ATM proceeds towards reducing the outstanding balance of the loan.
Warrants
The Company will issue the Lender 165,767,123 warrants over new ordinary shares, each exercisable at £0.01 per share, being a 54% premium to the offer price of the Company’s shares on 1 July 2026. The warrants shall be exercisable for three years and shall be exercised on a cash basis.
If exercised in full, the warrants would generate approximately £1.66 million of gross cash proceeds for the Company, further aligning the Lender with the future equity performance of Hamak.
Mike Murphy, Chief Strategy Officer and Executive Director of Hamak, commented:
“This is an important step forward for Hamak. By restructuring the existing convertible loan into a non-convertible facility, while preserving a 4% coupon and agreeing a sensible repayment profile, we have reduced a key area of uncertainty for shareholders and strengthened the Company’s funding position.
“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. We are pleased that Yorkville has remained supportive and that its potential upside is now aligned through cash-exercise warrants at a premium to the 30 June offer price. In our view, this package gives Hamak a cleaner platform from which to execute its strategy at an important stage in the Company’s development.”
For the purposes of UK MAR, the person responsible for arranging release of this announcement on behalf of Hamak is Karl Smithson, CEO and Executive Director.