Mako Gold Limited (ASX:MKG) has confirmed the issue of 70,747,704 fully ordinary shares pursuant to Tranche 1 of a placement to sophisticated and professional investors announced to the market on 1 May 2023.
The total Placement comprises of the issue of c.86.7M new fully paid ordinary shares in Mako at an issue price of A$0.03 per share as follows:
- Tranche 1 Placement, comprising 70,747,704 New Shares (~A$2.1M); and
- Tranche 2 of the Placement comprising up to ~15.9M New Shares (~A$478k), will be issued subject to Shareholder Approval at a General Meeting proposed to be held in mid-late June 2023.
Mako will also issue one attaching unlisted option (Placement Options) for every two New Shares issued pursuant to the Placement. The Placement Options will be exercisable at A$0.05, each with an expiry date 24 months from date of issue, and will be issued subject to shareholder approval at the General Meeting.
Settlement of Tranche 1 of the Placement has now been completed. Settlement of Tranche 2 of the Placement is expected to be completed on or around mid-late June 2023, subject to prior Shareholder Approval at the General Meeting.
The Placement, in conjunction with A$1.35M cash reserves and access to a US$2M Geodrill Drill-for- Equity Facility ensures Mako is well funded to execute its near-term resource growth strategy that aims to expand the existing 868koz Au resource base through drill testing the highest priority resource extensional targets and auger anomalies
For further information please visit: https://www.makogold.com.au/
