Mako Gold has announced that the second tranche of the $3.25 million share placement as announced in May 2020 has been completed.
The Company has issued 53,665,125 shares at an issue price of 5.0c per share for gross proceeds of c.$2.68 million.
The Second Tranche Share Placement was approved by shareholders at a general meeting of the Company held on 7 July 2020.
Read more about gold
With existing cash reserves of $3.2 million, and the proceeds from the recent divestment of the Niou Project ($1.0 million) ensures Mako is well funded to execute a systematic exploration and growth strategy that aims to extend existing high-grade mineralisation, test multiple high priority regional prospects and deliver a maiden Mineral Resource Estimate.
The funds will also be used to cover corporate costs and general working capital requirements.
Read more about the Napié Project
Drilling is ongoing at the Napié Project and will continue through the remainder of 2020, with first assay results expected in mid to late July.