Mako raises funds for Ivorian exploration

The share placement will comprise 125-million shares, at a price of 8c each, which will be issued in two tranches.

The first tranche of 64.3-million shares, which will raise A$5.1-million, will be placed under Mako’s existing placement capacity, while the second tranche of a further 60.7-million shares would be subject to shareholder approval at a meeting scheduled for mid-August.

Mako said on Thursday that the placement is being strongly supported by existing shareholders, as well as a number of new high-quality international investors.

North American resource fund Dundee Goodman Merchant Partners has agreed to subscribe for some 37.8-million shares, or A$3-million worth of shares in the placement, and will emerge with a 9.9% interest in Mako following the completion of the placement.

Furthermore, the company has also secured binding commitments for some 41.25-million shares from two strategic German institutions, which will collectively hold a 12.7% interest in Mako following the completion of the placement.

“We are extremely pleased by the overwhelming 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 MD Peter Ledwidge.

“Proceeds of the placement will strengthen Mako’s balance sheet and provide a pathway to accelerate exploration at the Tchaga prospect on the Napie project as we move towards and beyond a maiden mineral resource estimate. The funds raised will also allow us to implement significant drill programmes and other prospects at Napie and to fast-track exploration at our Korhogo project.”