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Mako Gold raises $10 million in oversubscribed placement with gold growth drilling set to resume

The funds will support ongoing drilling and a maiden mineral resource estimate at the Napié Gold Project in Côte d’Ivoire.

Mako Gold Ltd - Mako Gold completes second tranche of oversubscribed placement to raise $10 million
The second tranche was approved by shareholders at a general meeting of the company

Mako Gold Ltd (ASX:MKG) has completed the second tranche of an oversubscribed share placement with $10 million raised to support efforts to grow the company's gold bounty in West Africa.

Together with existing cash reserves of $2.8 million, proceeds from divestment of the Niou Project of $1 million and completion of the placement ensures Mako is well-funded to execute a systematic exploration and growth strategy.

This strategy aims to extend existing high-grade mineralisation and test multiple high-priority regional prospects with an aim to deliver a maiden mineral resource estimate in 2021.

Placement funds will also be used towards general working capital requirements and corporate costs.

Drilling to restart

Drilling is ongoing at Napié Project in Côte d’Ivoire with a 10,000-metre reverse circulation (RC) and diamond drill program at Tchaga Prospect set to recommence next week following a temporary suspension due to heavy rains at the peak of the wet season.

Mako anticipates receiving the results from 15 RC drill holes and 14 diamond holes shortly.

A second drill rig secured from Geodrill will begin drilling in November on high-priority regional prospects at Napié including Gogbala, Tchaga East and Tchaga North.

Placement details

A total of 44,918,290 shares at an issue price of 11.5 cents per share were issued in the second tranche for gross proceeds of around $5.17 million.

This second tranche placement was approved by shareholders at a general meeting of the company on September 28, 2020.

The company has also granted 4 million unlisted advisor options with an exercise price of 17.25 cents, expiring on September 30, 2022, as approved at the general meeting.

Quick facts: Mako Gold Ltd

Price: 0.115 AUD

ASX:MKG
Market: ASX
Market Cap: $29.49 m
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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