Mako Gold
Feature image credit: Wikimedia

ASX-listed Mako Gold has completed the second tranche of its oversubscribed share placement to raise $10 million.

Read more: Mako Gold secures $10 million for Napié exploration

The company has issued 44.9 million shares at an issue price of 11.5c per share for gross proceeds of $5.17 million as part of the second tranche share placement – approved by shareholders at a general meeting of the company held on 28 September 2020.

The company has also granted 4 million unlisted advisor options with an exercise price of $0.1725 expiring on 30 September 2022 – also approved at the general meeting.

Together with existing cash reserves ($2.8 million), the proceeds from the divestment of the Niou project ($1.0 million) and completion of the placement 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 with an aim to deliver a maiden mineral resource estimate in 2021.

Read more: Mako Gold signs sale agreement with Nordgold

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

Drilling is ongoing at the Napié gold project and will continue through the remainder of 2020 and beyond.

Napié gold project at a glance

Mako Gold’s Napié project is located in the north central part of Côte d’Ivoire.  It is 30 km southeast of the city of Korhogo and it is easily accessed by a good road system. The Napié project covers a strike length of 30 km over a highly prospective land package of 225 km2.

Mako Gold is earning up to a 75% interest in the Napié project under a farm-in and joint venture agreement with Occidental Gold SARL, a subsidiary of ASX/TSX-listed West African gold miner Perseus Mining.

The company currently holds a 51% interest in the Napié project and is the operator.