The company will place up to 87-million new shares, priced at 11.5c each, in two tranches.

The first tranche, which will be issued under the company’s existing placement capacity, will consist of about 42-million shares, with the second tranche of more than 44.9-million shares subject to shareholder approval at a meeting scheduled for September 28.

“We are pleased by the overwhelming demand for our capital raise following the outstanding results from our ongoing drilling campaign at Napie, which continues to demonstrate shallow, high-grade mineralisation over an extensive strike length,” said MD Peter Ledwidge.

“The significant increase to our balance sheet enables Mako to accelerate exploration on Napie by having one drill rig concentrating on advancing the Tchanga prospect towards a maiden resource and a second drill rig focusing on the high priority regional prospects where we will be following up positive drill results from our 2018 maiden drilling programme.

“In addition, the funds will allow us to start an aggressive exploration programme on our permit applications as soon as they are granted.