Mako Completes $10M Placement & Commences 45,000 Metre Drill Program

Mako Gold Limited ("Mako" or "the Company"; ASX:MKG) is pleased to announce that the second tranche of the $10M share placement (Placement) as announced on 8 July 2021 has been completed. The Company has issued 60,689,600 shares at an issue price of 8.0c per share for gross proceeds of c.$4.9M (Second Tranche Share Placement).

The Second Tranche Share Placement was approved by shareholders at a general meeting of the Company held on 20 August 2021 (General Meeting). The Company has also granted 4,000,000 unlisted Advisor Options with an exercise price of $0.12 expiring on 31 August 2023 as approved at the General Meeting.

HIGHLIGHTS

• Mako Gold completes second tranche of oversubscribed Placement to raise $10M
• 45,000m drill program has commenced on the Company's projects in Côte d'Ivoire
• Drilling is ongoing at the Gogbala Prospect on the first phase of a 10,000m RC/DD drill program over a high priority 2km-long area for a potential second resource target
• Drilling to resume at Tchaga following completion of phase 1 drilling at Gogbala
• Maiden Resource date to be extended based on recent positive drill results at southern extension of Tchaga and recent Gogbala drilling
• Assay turn-around times have returned to 3-4 weeks following Mako's strategy of utilising two assay laboratories
• Mako is fully funded to execute the 45,000m drill program and additional exploration with circa $15M in cash reserves

Click here for the full ASX release