Mako Gold Ltd (ASX:MKG) has received commitments from sophisticated, professional and institutional investors for a placement covering a shortfall from the recent entitlement offer.
The total amount raised in this placement at 8.5 cents per share is more than $1.114 million, supplementing the $409,745 raised in the 1 for 4 non-renounceable entitlement offer.
Pleased with interest
Mako is very pleased with the interest shown by existing and new investors in the capital raising exercise, which resulted in total funds exceeding $1.524 million.
The entitlement offer to existing shareholders closed on Thursday, June 20, 2019, with acceptances received for more than 4.82 million new shares from 102 shareholders.
With funding secured to advance its flagship Napié Gold Project in Côte d’lvoire, Mako looks forward to building on the impressive recent expansion of mineralisation.
READ: Mako Gold doubles strike length of gold mineralisation at Tchaga in Cote d’lvoire
Assay results received recently have doubled the length of a gold mineralised zone to 1-kilometre on Tchaga prospect along an interpreted 17 kiliometre-long shear at the Napié project.
Results returned up to 1-metre at 16.12 g/t gold from the first 16 reverse circulation (RC) holes of a 24-hole drilling program for 3,664 metres at Tchaga.
Assays for the remaining eight drill holes on this prospect as well as three further exploratory drill holes on the regional trend are expected shortly.
READ: Mako Gold on track to earn up to 75% of Cote d’lvoire gold permit
At the time Mako Gold managing director Peter Ledwidge said: “We are encouraged by the results received to date from our recent drilling program on Tchaga which has further enhanced the potential of the project.
“We eagerly await the remaining assay results which may extend the mineralised trend even further, as well as our regional drilling results.”
Mako is earning up to a 75% interest in this project under a farm-in and joint venture agreement with Occidental Gold SARL, a subsidiary of West African gold miner Perseus Mining Limited (ASX:PRU).
The company also has the Niou project in the Goren greenstone belt of central Burkina Faso, north of the capital Ouagadougou.