- Mako Gold (MKG) has successfully completed a $10 million capital raise to advance gold exploration in Côte d’Ivoire
- The company raised the funds via a two-tranche placement, with the second tranche completed yesterday
- Under the offer, around 87 million shares were issued to institutional and sophisticated investors for 11.5 cents each
- Following the placement, Mako announced it was well funded to execute its strategic plan and exploration works at the Napié Project
- Shares in MKG ended the day down almost five per cent at ten cents a pop
West African gold explorer Mako Gold (MKG) has successfully completed a $10 million capital raise to advance gold exploration in the Côte d’Ivoire.
The exploration company first announced plans to raise additional capital when it entered back-to-back trading halts in August.
Since then, it announced it was seeking to raise $10 million via a two-tranche placement to sophisticated and institutional investors.
Tranche one of the placement saw 42 million shares issued to raise $4.83 million in September before tranche two was then signed off on by shareholders at a general meeting.
That second tranche of the placement was finally completed yesterday, with an additional 45 million shares issued to investors to raise another $5.16 million.
All of the shares on offer were priced at 11.5 cents each and along with the shares, Mako also issued four million unlisted options with an exercise price of 17.25 cents and an expiry date of September 30, 2022.
Now that the capital raise is completed, Mako Gold said it was well funded to execute its strategic plan and exploration works at the Napié Project in the Côte d’Ivoire.
Specifically, the company is focused on finishing the 10,000 metre reverse circulation and diamond drilling program at the Tchaga Prospect within Napié.
Drilling at the site had to be paused recently due to heavy rain from the wet season, but Mako expects work to resume next week.
The company said it expects to receive the results from some of the holes drilled at Tchaga imminently.
It’s also expecting a newly acquired second drill rig to begin testing high-priority targets at other prospects with Napié in November.
Shares in Mako Gold have ended today’s session down 4.76 per cent at ten cents each.