At presstime (9:30 a.m. ET), Mako’s shares traded down 1.1% at C$2.53 apiece for a market capitalization of C$166.5 million. Goldsource Mines was flat at C$0.395, with a market capitalization of C$23.6 million.
Upon completion, Mako will own approximately 84% of the combined company, which will continue to be listed as a Tier 1 mining issuer on the TSX Venture Exchange. Existing Goldsource shareholders will hold the remaining 16% interest.
Both parties anticipate the deal to be completed in the second quarter of 2024.
This acquisition, says Mako, creates a “clear path to over 100,000 ounces per year of gold production with a demonstrated record of fiscal discipline.”
It currently operates the high-grade San Albino gold mine in Nicaragua, which last year recovered 34,982 ounces of the metal, including a record 11,567 ounces from the fourth quarter. The mine entered production in the second quarter of 2021.
The Eagle…
