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.