The company will issue more than 59.5 million shares at an issue price of 21 cents per share with proceeds to continue exploration activities over existing projects in west Mali.
This work will include an expanded drill program at the SK1 North discovery.
Oklo managing director Simon Taylor said: “The company is again delighted with the strong support shown in this placement by new and existing institutional investors.”
The placement shares will be issued in a single tranche using the company’s existing capacity under ASX Listing Rule 7.1 and ASX Listing Rule 7.1A and will not require shareholder approval.
“Accelerating SK1 drilling”
Proceeds will primarily be used to continue exploration activities over the company’s existing projects in west Mali, including an accelerated and expanded drill program at the SK1 North discovery on Seko prospect at the Dandoko project where high-grade gold of up to 30 metres at 8.54 g/t has been intersected.
Taylor said: “Oklo is now well placed to accelerate the drill-out of the exciting SK1 North discovery in advance of our maiden mineral resource estimate backed by a cash position of circa $18 million.
“We look forward to delivering a steady flow of positive news in what is shaping up to be a transformational period for Oklo in its quest to become the next gold producer in Mali.”
The board has approved an expanded 10,000 metres reverse circulation and 2,000 metres diamond drilling program with two rigs dedicated to the SK1 North drill-out prior to completing Oklo’s maiden mineral resource estimate.