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Mako Gold looks to raise up to A$6M in Australian IPO

Mako Gold Ltd.'s IPO on the ASX opened Feb. 2, and the company is targeting between A$5 million and A$6 million.

Mako Gold, a new gold exploration company with projects in the Ivory Coast and Burkina Faso, is offering up to 30 million common shares at 20 Australian cents each, along with 1 three-year attaching option exercisable at 30 cents for every 2 shares subscribed for under the IPO.

Should the IPO reach maximum subscription, the company's outstanding share capital will increase to 79,450,100 shares and ASX trading is expected to start March 23. The IPO is set to close March 9.

As a cornerstone investor, Resolute Mining Ltd. will be taking up 10 million shares at the IPO price for a total investment of A$2 million.

Mark Elliott is the nonexecutive chairman, having held managing director and chairman roles at various ASX companies. Peter Ledwidge is Mako's managing director, and Paul Marshall is CFO.