Mako Gold (ASX:MKG) has received strong support of a $2 million capital raise to help fund an acquisition of privately held Goldridge Resources.
Discovery Capital Partners acted as lead manager to the placement.
Mako has also entered into an exclusivity agreement with Goldridge Resources with the aim of executing an accretive transaction to create a district scale gold play with multi-million ounce potential and target in-country growth opportunities in the gold and battery metals space.
Goldridge is supported by the founders of Tietto Minerals (ASX:TIE) which recently transitioned the 3.8Moz Abujar Gold Project into production and are currently subject to a $650 million takeover offer.
Mako says it has secured binding commitments to raise $2 million through a placement which was cornerstoned by the Goldridge Resources founders and shareholders (including Caigen Wang and Jeremy Clark) who have committed to subscribe to 50 million new shares.
Existing significant shareholder Dundee Corporation will support the raise and will maintain its 9.9% holding in Mako.
Write to Adam Orlando at Mining.com.au
Images: Mako Gold