Mako Gold Limited (ASX: MKG) has announced that it has received strong support of its fundraising, securing binding commitments from new and existing investors to raise A$2.0M (before costs) to be completed via the placement of new shares across two tranches, at A$0.01 each.
Mako has also entered into an exclusivity agreement with private Côte d’Ivoire exploration company, Goldridge Resources Pty Ltd with the aim to execute an accretive transaction to create a district scale gold play with multi-million-ounce potential and target in-country growth opportunities in the gold and battery metals space.
The placement was cornerstoned by Goldridge founders and shareholders who committed to subscribe to 50M new shares. Goldridge is also supported by the founders of Tietto Minerals (ASX: TIE) who recently transitioned the 3.8Moz Abujar Gold Project into production and are currently subject to a ~A$650M takeover offer.
Subject to completion of a Goldridge transaction, Mako has proposed two strategic appointments: Jeremy Clark as a proposed non-executive director and Dr. Caigen Wang as a proposed strategic advisor. Clark is a geologist with over 20 years of mining & exploration experience with extensive West African gold experience. Dr. Wang is a mining engineer with more than 25 years’ experience and a PhD in geotechnical engineering.
This placement ensures Mako is well positioned to advance exploration on the Napié Gold Project in Côte d’Ivoire (currently 868Koz Au in resources), advance exploration on Mako’s battery metals portfolio, undertake necessary due diligence on Goldridge, and execute a transaction.
Following the placement, Mako intends to offer existing eligible shareholders the opportunity to participate in a share purchase plan to raise up to A$500,000.
For further information, please visit: www.makogold.com.au
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