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Mako Gold granted consecutive trading halts with capital raising news pending

A binding term sheet has been signed with Nordgold for the sale of projects in Burkina Faso with funds to be used for exploration at the Cote d’Ivoire projects.

Mako Gold Ltd - Mako Gold requests two consecutive trading halts regarding a capital raising
Mako Gold is hunting for high-grade gold deposits in West Africa

Mako Gold Ltd (ASX:MKG) has been granted consecutive trading halts by the ASX for the purposes of considering, planning and executing a capital raise. 

The trading halt will remain in place until the beginning of regular ASX trade on Monday, June 1, or when an announcement is released to the market, whichever occurs earliest.

In its application to the ASX, MKG said: "In accordance with Listing Rule 17.1 the company has requested two consecutive trading halts of up to four trading days in relation to its securities with immediate effect."

Shares last traded at 6.1 cents and are up from 2.8 cents at close on March 14.

Burkina Faso sales

The company recently announced that it intended to sell the Niou and Niou Sud permits in Burkina Faso, West Africa, to Nord Gold SE for US$700,000, which is approximately A$1.07 million.

The parties have entered in a binding term sheet for the sale, which is subject to certain conditions.

As well as the US$700,000 consideration, Mako will retain a 1% Net Smelter Royalty if Nordgold discovers an NI 43-101 compliant resource of at least 2 million ounces gold and advances the resource to production.

Nordgold has the right to repurchase the NSR at any time for US$4.5 million which is the current equivalent of around A$6.89 million.

Quick facts: Mako Gold Ltd

Price: 0.12 AUD

Market: ASX
Market Cap: $30.87 m

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