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Oklo Resources Ltd's Michael Fotios and Simon Taylor increase stakes

Oklo's remains will-funded with circa $14.5 million in cash.

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Simon Taylor, managing director, Oklo Resources

Oklo Resources Ltd (ASX:OKU) has been a top performing explorer on the ASX over the past eighteen months, on the back of continued gold drilling success from the Dandoko Project in Mali.

Oklo last traded at $0.22 per share, or more than four times its valuation at the end of 2016.

The rising share price has provided strong cash inflows from the exercise of in-the-money options.

Michael Fotios, chairman, exercised one million $0.125 options at the end of June 2017 for a consideration of $125,000.

His indirect stake has now increased to 5.2 million shares and one million unlisted options.

Simon Taylor, managing director, exercised 500,000 of the same options for an investment of $62,500.

Taylor's indirect stake is now circa 3.2 million shares, with several lines of options.

It wasn't just the company directors participating in the option exercise. Almost every option from the 30 June 2017 series was exercised, providing Oklo with an additional $3 million in cash.

New substantial shareholder

Oklo has also received a notice of initial substantial shareholder from the Hawkestone Group, which holds 19.7 million shares for a 6.53% stake.

Mali gold

Oklo's Dandoko Project is located within the Kenieba Inlier of western Mali, and recent exploration success has been coming from the Seko prospect.

Significant intersections include: 15 metres at 3.02 g/t gold, 18 metres at 2.01 g/t gold, 54 metres at 1.37 g/t gold and 24 metres at 2.02 g/t gold.

Dandoko is positioned 30 kilometres to the east of B2Gold’s 5.15 million ounce Fekola Project and 50 kilometres to the south-southeast of Randgold’s 12.5 million ounce Loulo Mine.

Quick facts: Oklo Resources Ltd

Price: 0.295 AUD

ASX:OKU
Market: ASX
Market Cap: $139.33 m
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Oklo Resources has 'pipeline of projects' and 'soon to have 7 drill rigs going'

Oklo Resources Ltd (ASX:OKU) managing director and chief executive Simon Taylor tells Proactive Investors that the Mali-focused gold explorer and developer will have 7 rigs spinning on two of its projects by next week. Plenty of news flow is expected in the short term on the Dandoko...

on 12/3/19

2 min read