Mr. Iyad Jarbou reports

AKWAABA MINING LTD. ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Akwaaba Mining Ltd. previously arranged its private placement of up to $103,600 in common shares at a purchase price of 14 cents per share on Feb. 8, 2024, and partially closed the private placement on Feb. 20, 2024. The company has closed on a remaining $75,000 of the offering. No new insiders were created because of the closing of the second tranche.

As an insider (and entities controlled by the insider) participated in the second tranche of the offering, the transaction constitutes a related party transaction within the meaning of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from formal valuation and minority shareholder approval requirements found in sections 5.5(a), 5.5(b), 5.5(c), 5.7(a) and 5.7(b) of MI 61-101. The fair market value of the participation in the offering by insiders to the second tranche does not exceed 25 per cent of the market capitalization of the company and the fair market value is not more than $2.5-million, as determined in accordance with MI 61-101. No new control persons are created as a result of the offering for the second tranche.

All shares issued in connection with the offering will be subject to a statutory hold period of four months and one day as well as to any other restrictions imposed by applicable securities regulatory authorities.

As previously announced, proceeds of the offering will be used to finance the continuing exploration program at the company's Akorade project in Ghana, for working capital and for future acquisitions.

We seek Safe Harbor.