- Mako Gold (MKG) has completed the second phase of a $3.25 million placement, raising around $2.68 million
- More than 53 million shares were issued to shareholders at a price of five cents each
- Now that it's fully funded, Mako will use the money to undertake systematic exploration at its Napié Gold Project in West Africa
- The company is also continuing with reverse circulation and diamond drilling at Napié and results are expected this month
- The company has ended the day 3.33 per cent in the red with shares trading for 14.5 cents each
Mako Gold (MKG) has completed the second phase of a $3.25 million share placement, raising around $2.68 million.
The company first announced the capital raise in May after receiving binding commitments for the placement.
Mako announced it would undertake the placement in two phases, with the first phase issuing 11.3 million shares.
Phase two, which received shareholder approval at Mako's general meeting on July 7, saw 53,665,125 shares issued at a price of five cents each.
Now that it's fully funded, Mako will use the raised money to undertake systematic exploration at its Napié Gold Project in West Africa.
The company is aiming to extend high-grade mineralisation, test high-priority prospects, and deliver a maiden mineral resource estimate.
The money will also be used to cover corporate costs and for general working capital.
Mako is now continuing with reverse circulation and diamond drilling at Napié and results are expected this month.
The company has ended the day, July 13, 3.33 per cent in the red with shares trading for 14.5 cents each.
