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Mako Gold has news of capital raising shortfall upcoming and is in a trading halt

A 1 for 4 non-renounceable entitlement offer raised $409,745 with a $1.114 million shortfall.

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The company is on the way to earning a 75% stake in the Napié Gold Project

Mako Gold Ltd (ASX:MKG) has an announcement pending in relation to a shortfall from the recent entitlement offer capital raising which saw the company raise $409,745.

The ASX has granted the company a trading halt which will extend until Wednesday, July 31, 2019, or when the announcement is released to the market, whichever occurs earliest.

READ: Mako Gold’s entire board buys shares in the company

Mako Gold’s 1 for 4 non-renounceable entitlement offer to existing shareholders closed at 5pm on Thursday, June 20, 2019, with acceptances received for more than 4.82 million new shares from 102 shareholders.

This left a net shortfall of more than 13 million shares at the offer price of 8.5 cents with a value in excess of $1.114 million.

READ: Mako Gold on track to earn up to 75% of Côte d’Ivoire gold permit

The company has recently completed earning a 51% interest in the Napié Gold Project in Côte d’lvoire and is on its way to earn up to 75% by completing a definitive feasibility study (DFS).

This forms part of a farm-in joint venture agreement with Occidental Gold SARL, a subsidiary of Perseus Mining Limited (ASX:PRU).

Under the terms of the agreement, Mako had up to three years to spend US$1.5 million on exploration on Napié to reach its first milestone and earn-in 51%.

Exploration has been fast-tracked and Mako has reached that milestone in under two years.

READ: Mako Gold doubles strike length of gold mineralisation at Tchaga in Côte d’lvoire

Results from a 24-hole reverse circulation drilling program for 3,664 metres at the Tchaga prospect of Napié have doubled the length of a gold mineralised zone to 1-kilometre.

This zone is along a 17-kilometre-long shear.

Quick facts: Mako Gold Ltd

Price: 0.115 AUD

ASX:MKG
Market: ASX
Market Cap: $19.17 m
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