- Gold explorer Oklo Resources (OKU) has received firm commitments to undertake a $10 million placement
- 31.25 million fully paid ordinary shares will now be issued to sophisticated and institutional investors at 32 cents each
- Oklo will primarily use the money to continue exploration at its existing projects in West Mali and undertake an expanded drilling program at the Dandoko Gold Corridor
- This upcoming drilling program is scheduled to begin in late September or early October and results will be announced once analysed
- Oklo is down 5.63 per cent on the market and shares are trading for 33.5 cents each just before market close
Gold explorer Oklo Resources (OKU) has received firm commitments to undertake a $10 million placement.
This announcement comes days after the company requested a trading halt.
31.25 million fully paid ordinary shares will now be issued to sophisticated and institutional investors at 32 cents each.
Oklo will primarily use the money to continue exploration at its existing projects in West Mali, undertake an expanded drilling program at the Dandoko Gold Corridor, and for general working capital purposes.
This upcoming drilling program is scheduled to begin in late September or early October and results will be announced once analysed.
“The exceedingly well-support placement will allow Oklo to hit the ground running in the forthcoming 2020-21 field season while maintaining momentum on our maiden mineral resource estimate,” Managing Director Simon Taylor commented.
“We plan to accelerate the drill-out of the existing three-kilometre long SK1 trend, including exploring for additional high-grade feeder zones at depth and resume the evaluation of other priority targets along the 12-kilometre Dandoko Gold Corridor,” he added.
Oklo is down 5.63 per cent on the market and shares are trading for 33.5 cents each at 4:05 pm AEST.