Mako Gold (ASX:MKG) - Managing Director, Peter Ledwidge
Managing Director, Peter Ledwidge
Source: HotCopper
Market Herald logo

Find out more about this capital raise

Be the first with the news that moves the market
  • Mako Gold (MKG) has entered two consecutive trading halts as it plans and executes a capital raise
  • The company will remain in the halt until August 25 or when an announcement is made, whichever occurs first
  • On August 11, Mako saw its share price jump by more than 22 per cent after intersecting up to 102.5g/t gold from the Tchaga Prospect in Côte d’Ivoire
  • This result comes from a 10,000-metre drilling program which aims to outline a JORC compliant maiden resource for the prospect
  • So far, the company has only received partial results, with drilling expected to run through to December
  • Shares in Mako last traded for 14 cents each on August 18

Mako Gold (MKG) has entered two consecutive trading halts as it plans and executes a capital raise.

The company will remain in the halt until August 25 or when an announcement is made, whichever occurs first.

On August 11, Mako saw its share price jump by more than 22 per cent after intersecting up to 102.5g/t gold from the Tchaga Prospect in Côte d’Ivoire.

This result comes from a 10,000-metre reverse circulation and diamond drilling program which aims to outline a JORC compliant maiden resource for the prospect.

Mako stated it has now received results for 25 of the planned 90 holes, with the drilling expected to run through to December.

The company last entered a trading halt in May regarding a $3.25 million placement.

65 million fully paid ordinary shares were issued to shareholders at five cents per share.

The placement was completed in mid-July and Mako stated it would use the money to fund exploration at its Napié Project in West Africa, where it is hoping to extend mineralisation and test high-priority prospects.

Some of the funds were also used to cover the costs associated with the placement and for general working capital.

Shares in Mako last traded for 14 cents each on August 18.

MKG by the numbers
More From The Market Herald

" EQT (ASX:EQT) enters trading halt amid capital raise

EQT (ASX:EQT) has entered into a trading halt ahead of a capital raise and acquisition.

" TEK-Ocean (ASX:T3K) enters trading halt amid capital raise

TEK-Ocean (ASX:T3K) has entered into a trading halt ahead of a capital raise.

" Fertoz (ASX:FTZ) to undertake capital raise

Sustainable land management and carbon credit development company Fertoz (ASX:FTZ) has entered a trading halt as…

" Nutritional Growth Solutions (ASX:NGS) launches Healthy Heights into select Walmart stores, enters trading halt

Nutritional Growth Solutions (ASX:NGS) has launched two Healthy Heights KidzProtein products in an initial 403 Walmart…