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Oklo to raise A$6M in private placement for exploration in Mali

Australian miner Oklo Resources Ltd. said Sept. 6 it has received firm commitments from domestic and offshore investors to subscribe for a placement of A$6 million, which will be used for continuing exploration activities at the company's existing projects in west Mali and for general working capital purposes.

The placement will consist of 57,142,857 shares at an issue price of 10.5 Australian cents and will be issued in a single tranche and will not need shareholders' approval.

Meanwhile, the company said that it is expecting to receive a permit for its Kandiole Sud gold project in the fourth quarter.

In July, Oklo has exercised an option to acquire a 65% stake in the Kossaya gold project in Mali.