Following strong production results of its first full quarter of commercialization, Mako Mining Corp (TSXV: MKO) this morning announced that it has initiated a normal course issuer bid. The company is looking to buy back up to 5% of its shares that are issued and outstanding.
The share buyback program will enable the company to repurchase up to 33.0 million of its 659.3 million outstanding common shares. The program is slated to begin on October 19, and run through to October 18, 2022.
The program itself is to be ran through PI Financial Corp, whom will make the purchases on behalf of Mako under the normal course issuer bid. Once repurchased by the company the shares are to be cancelled.
Mako Mining last traded at $0.345 on the TSX Venture.
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