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

Gold/Silver: People Can Still Lose Money In This Bull Market!? | Rick Rule

He Said $300 Silver!? | Peter Krauth

Dollar Will Collapse, Gold and Silver Are the Only Safe Havens | Jim Rogers

Recommended

Tsunami Warnings Spread As Largest Quake Since 2011 Hits Russia

Northern Superior Intersects 1.75 g/t Gold Over 65.0 Metres At Philibert

Related News

Mako Mining Discovers Multiple Veins At Las Conchitas North

Mako Mining (TSXV: MKO) has made further discoveries at its San Albino-Murra property. The latest...

Wednesday, June 1, 2022, 08:03:33 AM

Mako Mining To Acquire Goldsource Mines In $33 Million All-Stock Deal

Mako Mining (TSXV: MKO) has taken a tumble in morning trading today following the announcement...

Tuesday, March 26, 2024, 10:40:00 AM

Mako Mining Mines 12,251 Gold Ounces In Q4 2021

Mako Mining Corp. (TSXV: MKO) announced today the production results for the fourth quarter of...

Wednesday, January 19, 2022, 10:48:00 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 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