Echo Resources Limited (ASX:MKO) announced a private placement of 20,000,000 shares at AUD 0.16 per share for gross proceeds of AUD 3,200,000 on January 27, 2017. The transaction will include participation from institutional and sophisticated investors. The transaction is not subject to shareholder approval. The settlement date of the transaction is February 3, 2017 and the allotment of securities will occur on February 6, 2017.