Mako Gold Ltd (ASX:MKG) has received strong validation of its exploration strategy and project strength by gaining a new substantial holder in Canadian investor Dundee Corporation.
Dundee and its subsidiary Dundee Resources Ltd became a substantial holder on July 14 after acquiring 19.46 million shares at 8 cents per share, earning a 6.05% stake in MKG.
This was a result of Toronto-based Dundee's participation in Mako's recent $10 million placement.
Second new substantial holder in a week
This follows the company gaining another prominent resources sector investor, Dephi, as a new substantial holder.
Wilhelm KT Zours majority-owned Delphi Unternehmensberatung AG and related entities picked up the stake by also participating in Mako’s placement.
The placement at an issue price of 8 cents per share was strongly supported by new and existing institutional investors.
Mako is now fully funded to deliver an accelerated exploration program as part of its growth strategy at the flagship Napié Gold Project in Côte d’Ivoire.
High-quality institutional investors
Mako managing director Peter Ledwidge said at the time: “We are extremely pleased by the overwhelming support from quality domestic and international institutional investors.
“Attracting such high-quality institutional investors speaks to the potential of the project and experience of our team.
“Proceeds of the placement will strengthen Mako’s balance sheet and provide a pathway to accelerate exploration at the Tchaga Prospect on the Napié Project as we move towards and beyond a maiden mineral resource estimate.”