Gold
Bid : 3,083.16/oz
Ask : 3,092.41/oz
Silver
Bid : 36.91/oz
Ask: 37.02/oz
Platinum
Bid: 1,371.54/oz
Ask : 1,407.20/oz
Refresh in 00:00
Gold
Bid : 3,083.16/oz
Ask : 3,092.41/oz
Silver
Bid : 36.91/oz
Ask: 37.02/oz
Platinum
Bid: 1,371.54/oz
Ask : 1,407.20/oz
Refresh in 00:00

Mako Gold has successfully secured $2 million in funding through a share placement

November 21, 2023

This capital injection will be instrumental in furthering their endeavours in the gold and battery metals sector, as well as facilitating potential acquisitions. A cornerstone investor, Gold Ridge Resources, has committed to subscribing to 50 million new shares, amounting to $500,000 in funding. It is worth noting that existing major shareholder Dundee Corporation will maintain its 9.9% holding in Mako.

To raise additional funds, Mako intends to offer a share purchase plan (SPP) to eligible shareholders. Through this plan, they aim to generate up to an additional $500,000. The company has identified several key areas where the funding will be allocated. These include advancing exploration at the Napié Gold Project, the Korhogo Manganese Project, and a pending lithium-prospective application.

In a significant development, Gold Ridge Resources has entered into a binding exclusivity agreement with Mako. This agreement aims to create a district-size gold play and explore opportunities in the gold and battery metal space. The collaboration between the two companies holds the potential to unlock substantial value in these sectors.

In terms of personnel, Mako Gold is proposing new appointments to strengthen its team. Jeremy Clark, a highly experienced geologist with over 20 years of mining and exploration expertise, is set to join as a non-executive director.

Clark was previously part of the RPM Global management team and possesses extensive experience in West African gold projects. Additionally, Dr. Caigen Wang, a mining engineer with a PhD in Geotechnical Engineering and more than 25 years of industry experience, is proposed to become a strategic advisor to Mako.

The quantitative analysis reveals that the $2 million funding was secured through a share placement at a rate of $0.01 per share. Gold Ridge Resources’ commitment to subscribe to 50 million new shares amounts to $500,000 in funding. Furthermore, Mako plans to raise up to an additional $500,000 through a share purchase plan.

Jeremy Clark, the proposed non-executive director, expressed his enthusiasm about the company’s prospects, stating, “I am excited to join Mako Gold and contribute to their exploration and mining efforts. With my experience in West African gold projects, I believe we can unlock significant value.”

Dr. Caigen Wang, the proposed strategic advisor, also shared his thoughts on the partnership, saying, “I am honoured to be part of Mako Gold’s journey. Together, we will leverage our expertise to drive innovation and success in the mining industry.”

With these developments, Mako Gold is poised to make significant strides in the exploration and mining of gold and battery metals. The secured funding, combined with the partnership with Gold Ridge Resources and the addition of experienced personnel, positions the company for future growth and success in these sectors.

News Categories

Latest News