(Ecofin Agency) - ASX-listed mining junior, Oklo Resources will raise $AU10 million ($7.3 million) to advance exploration at its gold projects in Mali.

Fundraising will be done through the private placement (no broker) of 79.9 million shares, at 12.5 cent a share. The company announced that share placement will be done in two tranches. First tranche includes placement of 40 million, under the firm’s capacity while second tranche includes the placement of 39.9 million shares which is to be approved by shareholders.

“Following the recent outstanding drill success at Diabarou, the company is now well positioned to accelerate evaluation of the open-pit resource potential of this recent discovery and advance exploration over the numerous other compelling targets within its strategically located Dandoko, Mossala, Socaf, and Yanfolila project areas,” said Oklo’s marketing director, Simon Taylor.

Oklo Resources holds in the Western and Southern regions of Mali, a solid portfolio comprising eight gold projects, covering 1389 km2. Six of these projects were acquired from TSVX-listed Compass Gold Corporation.

Louis-Nino Kansoun