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Oklo Resources sees Resolute Mining increase its substantial shareholding

African gold producer Resolute Mining has increased its stake in Oklo from 5% to 8.8%.
Picture of cash
Resolute Mining accounted for 12.1 million shares of the 39.4 million placed

Oklo Resources Ltd (ASX:OKU) has received a substantial vote of confidence from leading African gold producer Resolute Mining Limited (ASX:RSG).

Developer of the Dandoko Gold Project in Mali, Oklo completed a $15 million placement just over a week ago.

The placement was oversubscribed and the issue price was 38 cents.

This indicates heavy demand for the stock given that it was only a slight discount to the last traded price of 39.5 cents.

Resolute Mining takes large chunk

Resolute Mining held a 5% stake in Oklo prior to the placement.

However, the company now holds a much larger position having accounted for 12.1 million shares of the 39.4 million placed.

Resolute also buying on market

Since it last filed a substantial shareholder notice, Resolute’s shareholding has grown from about 12 million shares to 30.4 million.

Resolute has been buying stock on market, most recently in February, when Oklo’s shares were trading around the 40-cent mark.

It now has a stake of about 8.8%.

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