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Mako raises funds for West African gold hunt

Friday, October 14th, 2022

ASX-listed Mako Gold will raise A$3.1-million in a share placement to institutional investors, to fund its near-term resource growth strategy in West Africa.

The company will issue some 75.6-million new shares, at a price of 4.1c each, representing an 18% discount to Mako’s last closing price, and a 14.6% discount to the company’s five-day volume weighted average share price.

A single tranche of 73.2-million shares will be placed under Mako’s existing placement capacity, raising an initial A$3-million, while a further 2.4-million shares will be placed to company directors, raising an additional A$100 000, subject to shareholder approval at the company’s annual general meeting.

“We are extremely pleased by the continuing support from quality domestic and international institutional investors. Attracting such high-quality institutional investors speaks to the potential of the project and experience of our team,” said Mako MD Peter Ledwidge.

“Proceeds of the placement will strengthen Mako’s balance sheet and provide a pathway to accelerate exploration on the Napié project as we build on our recently announced Maiden mineral resource estimate of 868 000 oz. The funds raised will also allow us to continue groundwork on our Korhogo project. We are pleased to welcome a number of new shareholders to our register and sincerely thank our existing shareholders for their continued support.”

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