Mako Mining Closes On $33 Million All Stock Purchase Of Goldsource Mines

Mako Mining (TSXV: MKO) has formally closed on itstransaction to acquire Goldsource Mines (TSXV: GXS). The transaction, initially announced back in March 2024, amounted to an all-stock transaction, which saw Goldsource shareholders take 16% of the combined company.

The acquisition was centered around Goldsource’s Eagle Mountain project in Guyana, a PEA-stage gold asset that boasts a net present value (5%) of US$292 million. The project contains a resource estimate that includes 1.18 million indicated gold ounces at 1.18 g/t, as well as 0.58 million inferred gold ounces at 0.98 g/t. The current model for the project is based on a shallow open-pit operation.

Under the terms of the transaction, Goldsource shareholders received 0.22 Mako shares for each share held, which at the time of announcement inferred a valuation of $33.3 million for the gold explorer.

Going forward, Mako will continue to be led by Akiba Leisman, who will remain as CEO and a director of the company. Goldsource’s Eric Fier meanwhile will take on the role of non-executive chairman, with the board also consisting of John Hick, Mario Caron, Laurie Gaborit, Paul Jacobi and John Pontius.

As a result of the transaction, Wexford Capital meanwhile saw its ownership in the company decline from 56.4% to that of 48.2% on a partially diluted basis.

Mako Mining last traded at $3.34 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

What Happens If Silver Finally Breaks $50? | Gary Thompson – Silver47

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

Mako Mining Mines 1,002 Ounces Of Gold In First Full Bench At San Albino

Mako Mining (TSXV: MKO) this morning announced that it has completed mining of its first...

Thursday, September 17, 2020, 09:03:31 AM

Mako Mining Q4 Earnings: Holding Steady

Fourth quarter earnings are now steadily rolling in from the small scale producers out there,...

Saturday, April 19, 2025, 03:33:00 PM

Mako Mining Posts 2024 Adjusted EBITDA Of $42.2 Million

Mako Mining (TSXV: MKO) has reported its fourth quarter and full year 2024 financial results,...

Friday, April 11, 2025, 09:06:40 AM

Mako Mining Recovers 12,182 Gold Equivalent Ounces In Q4 2024

Preliminary results are in for Mako Mining’s (TSXV: MKO) fourth quarter. The company is reporting...

Monday, January 13, 2025, 08:45:18 AM

Mako Mining Set To Acquire The Moss Mine For Up To US$6.4 Million

Mako Mining (TSXV: MKO) is adding a third asset to its portfolio. The firm this...

Tuesday, December 31, 2024, 07:52:01 AM