Mako Gold Limited (ASX:MKG) has received binding commitments for a Placement to raise A$3.1M before costs.
The Placement was strongly supported by existing shareholders and introduced a number of new, high quality international investors to the Mako share register. The significant interest received provides strong validation of the company’s flagship Napié Project and Tier-1 management and exploration team that has demonstrated a track record of success in West Africa.
Prominent North American resource fund, Dundee Goodman Merchant Partners, corner-stoned the Placement with a binding commitment to subscribe for c.7.5M shares and will maintain their holding of 9.9% in Mako’s pro-forma issued capital following completion of the Placement.
Together with existing cash reserves, the Placement ensures Mako is well funded to execute its strategic plan. This includes:
* Exploration and drilling campaigns at the company’s flagship Napié Gold Project in Côte d’Ivoire that hosts a Maiden JORC 2012 Mineral Resource Estimate of 22.5Mt at 1.2g/t for 868koz Au at the Tchaga and Gogbala Prospects
* Auger drilling programme to identify new targets with a similar footprint as the Tchaga and Gogbala Prospects
* RC drill programme to follow up on the highest-priority auger anomalies
* Metallurgical test-work
* Commencement of environmental and social baseline studies(water, flora and fauna, and landuse)
* Exploration at the Korhogo Gold Project including geological mapping and rock chip sampling
* Corporate costs and general working capital requirements; and costs associated with the Offer
“We are extremely pleased by the continuing support from quality domestic and international institutional investors. Attracting such high-quality institutional investors speaks to the potential of the project and experience of our team,” Managing Director Peter Ledwidge said.
“Proceeds of the Placement will strengthen Mako’s balance sheet and provide a pathway to accelerate exploration on the Napié Project as we build on our recently announced Maiden Mineral Resource Estimate of 868koz.
“The funds raised will also allow us to continue groundwork on our Korhogo Project. We are pleased to welcome a number of new shareholders to our register and sincerely thank our existing shareholders for their continued support.”
For further information please visit: https://www.makogold.com.au/
