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Mako raises $3.1m to drive gold resource expansion at Napié
Mining
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Mako is now cashed up to execute its near-term resource growth strategy after new and existing institutional investments made binding commitments for a $3.1m placement.
The placement of shares priced at 4.1c each was also backed by its directors – who subscribed for circa $100,000 worth of shares subject to shareholder approval.
Importantly, prominent North American resource fund Goodman Merchant Partners cornerstoned the placement by subscribing for about 7.5 million shares to maintain its 9.9% holding.
Proceeds from the placement will be used by Mako Gold (ASX:MKG) to fund its strategy of growing its existing 868,000oz gold resource at the flagship Napié Gold Project in Côte d’Ivoire.
Managing director Peter Ledwidge said the continuing support from quality domestic and international institutional investors was pleasing and testament to the potential of the project and the experience of the company’s team.
“Proceeds of the placement will strengthen Mako’s balance sheet and provide a pathway to accelerate exploration on the Napié Project as we build on our recently announced Maiden Mineral Resource Estimate of 868,000oz,” he added.
“The funds raised will also allow us to continue groundwork on our Korhogo Project.”
Funded exploration
Mako intends to carry out auger drilling at Napié to identify new targets with a similar footprint as the Tchaga and Gogbala prospects.
This will be followed by reverse circulation drilling on the highest priority auger anomalies, metallurgical testwork and the commencement of environmental and social baseline studies.
Exploration such as geological mapping and rock chip sampling will also begin at the Korhogo project to the north.
This article was developed in collaboration with Mako Gold, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
