Mako Gold making moves to fund acquisition

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.

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Written By Adam Orlando Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.