logo-loader
viewOklo Resources Ltd

Oklo Resources fields strong interest and firm commitments for $6 million placement

Net proceeds will be used to continue exploration activities at the company’s existing projects in west Mali and general working capital.

Oklo Resources Ltd - Oklo Resources Ltd obtains firm commitments for a placement to raise $6 million
Oklo’s focus is its large land holding of eleven gold projects in Mali’s prospective gold belts

Oklo Resources Ltd (ASX:OKU) has received firm commitments from sophisticated and institutional investors for a placement of more than 57 million shares at 10.5 cents each to raise gross proceeds of $6 million.

Strong demand for the placement was fielded from existing and new domestic as well as offshore investors, exceeding the targeted amount.

Net proceeds will primarily be used to continue exploration activities at the company’s existing projects in west Mali and for general working capital.

Placement shares will be issued in a single tranche using the company’s existing capacity under the ASX listing Rule 7.1.

“Well placed” to continue work in west Mali

Oklo’s managing director Simon Taylor said: “The company is delighted with the strong interest shown in this capital raising from existing shareholders, a lot of whom participated on a pro-rata basis and new institutions that we welcome to our register.

“The company is now well placed to continue work over its highly prospective landholdings in west Mali backed by a cash position of around $10 million.

“We look forward to further positive news flow in the months ahead from Dandoko as we advance resource definition drilling, geological modelling and metallurgical test-work at Seko.

“The company also anticipates grant of the Kandiole permit in the coming quarter, which is strategically located 10 kilometres from B2Gold Corp’s (TSE:BTO) Fekola Mine and IAMGOLD Corp’s (TSE:IMG) Boto Project.”

Canaccord Genuity (Australia) Limited acted as lead manager to the placement in conjunction with co-managers Taylor Collison Ltd and Bridge Street Capital Partners Pty Ltd.

Quick facts: Oklo Resources Ltd

Price: 0.145 AUD

ASX:OKU
Market: ASX
Market Cap: $59.85 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Oklo Resources Ltd named herein, including the promotion by the Company of Oklo Resources Ltd in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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