Mako Gold Ltd (ASX:MKG) has concluded the first tranche of its share placement, issuing 86,401,227 fully paid ordinary shares and raising about A$0.86 million from sophisticated and professional investors.
The company's comprehensive two-tranched placement strategy encompasses the distribution of 200 million new shares, each priced at A$0.01.
Mako anticipates the completion of tranche two around late December 2023, pending shareholder endorsement at the upcoming general meeting.
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Tranche two
Following the completion of tranche one, the company anticipates proceeding with tranche two.
This subsequent phase is poised to offer up to 113,598,773 new shares, equating to around A$1.13 million.
However, the execution of tranche two is contingent upon receiving shareholder approval during a General Meeting slated for late December 2023.
One unlisted option
In conjunction with the share placement, Mako Gold also plans to issue one unlisted option for every two new shares allocated.
These options, priced at A$0.02 each, are exercisable until January 31, 2025, subject to approval at the aforementioned General Meeting.