Oklo Resources (ASX:OKU) continued gold exploration success in Mali has attracted domestic and international institutional and sophisticated investors to an oversubscribed raising.
Adding further support for the company's strategy, demand also came from a pre-eminent global resource fund as a cornerstone investor to the placement.
Oklo has received commitments to raise $8.7 million at $0.24 per share under the existing placement capacity.
Proceeds will primarily be used to accelerate exploration activities over the company’s Mali Gold Projects.
Simon Taylor, managing director, commented:
"The company is delighted with the strong interest shown in this capital raising following the recent positive aircore drill hole results from the Seko discovery at our Dandoko project in west Mali.
"We look forward to further positive news flow in the weeks ahead with the next phase of infill drilling about to commence at Seko."
Seko has been confirmed as a significant new gold discovery.
Analysis
On the back of today's raising, Oklo is also expecting further cash inflows of circa $3 million from the exercise of in-the-money options during June.
This positions the company to accelerate drilling activities at Seko and over its other highly prospective exploration targets.
Adding interest, during the March quarter two new substantial shareholders emerged in Chalice Gold Mines (ASX:CHN) with 9% and Resolute Mining (ASX:RSG) with 5%.
Drilling during the March quarter included 71,961 metres of auger, 5,250 metres of aircore and 7,946 metres of reverse circulation.
More results are pending within coming weeks.