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

- August 29th, 2021

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 …

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
Mako’s Managing Director, Peter Ledwidge commented:
“The completion of the second tranche of the $10 million capital raise gives the Company a clear runway to execute our aggressive exploration strategy. The Board of Directors have approved up to 45,000m of drilling which gives the company the green light to continue drilling on the Napié Project and to commence a maiden drilling program on the Korhogo Project. Due to the recent outstanding results received on the Tchaga Prospect, the Company will extend the expected date of its maiden Mineral Resource Estimate as it continues to expand the footprint at the Tchaga Prospect. We look forward to providing assay results shortly from diamond drilling at Tchaga and from reverse circulation drilling at Gogbala.”
Together with existing cash reserves as at 30 June 2021 ($4.55M), the proceeds from the divestment of the Niou Project ($0.95M)1 and completion of the $10M Placement ensures, Mako is well funded to execute a systematic exploration and growth strategy at its flagship Napié Project (“Napié”) that aims to extend existing high-grade mineralisation, test multiple high priority regional prospects with an aim to deliver a maiden Mineral Resource Estimate. Funds will also be used for a maiden drilling program at the Company’s Korhogo Project and for general working capital requirements and corporate costs. Drilling is ongoing at Napié and will continue through the remainder of 2021 and beyond.

Click here for the full ASX release

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