logo-loader
viewMako Gold Ltd

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: 0.135 AUD

ASX:MKG
Market: ASX
Market Cap: $22.7 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Mako Gold Ltd named herein, including the promotion by the Company of Mako Gold Ltd in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Mako Gold working towards maiden resource at Napié Gold Project

Mako Gold Ltd's (ASX:MKG) Peter Ledwidge speaks to Proactive's Andrew Scott while at the Mines & Money event in London 2019. They've recently completed 19 reverse circulation (RC) holes for 2,090 metres at its Tchaga Prospect within the Napié Gold Project in Cote d’lvoire, West...

on 25/11/19

2 min read