Mako Mining Announces Normal Course Issuer Bid Accepted by TSX Venture Exchange

Rhea-AI Summary

Mako Mining announces TSX Venture Exchange's acceptance of its normal course issuer bid (NCIB) to purchase up to 3,956,485 common shares, representing 5% of the company's total issued and outstanding shares. The NCIB will run from November 19, 2024 to November 18, 2025. Shares will be purchased for cancellation through TSXV facilities at market price, with Ventum Financial Corp. managing the purchases. The company's board believes the current share price undervalues Mako's business and future prospects, making the share repurchase program a prudent use of funds.

Positive

• Company initiating share buyback program, potentially supporting stock price
• Management believes shares are undervalued, showing confidence in company's value

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 14, 2024 / Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) ("Mako" or the "Company") announces that the TSX Venture Exchange (the "TSXV") has accepted its normal course issuer bid (the "NCIB") to purchase up to an aggregate of 3,956,485 common shares ("Common Shares") of the Company, representing 5% of the 79,129,713 Common Shares issued and outstanding on the date hereof.

Purchases under the NCIB may commence on November 19, 2024, and will end no later than November 18, 2025. The Common Shares will be purchased for cancellation through the facilities of the TSXV in accordance with its policies and at market price. Mako has retained Ventum Financial Corp. to make purchases on its behalf under the NCIB.

The Board of Directors and senior management of the Company believe that its Common Shares have been trading in a price range that does not adequately reflect their value in relation to the Company's business and future business prospects. The repurchase of the Company's Common Shares therefore is a prudent use of funds and in the best interests of Mako and its shareholders.

On behalf of the Board,

Akiba Leisman
Chief Executive Officer

About Mako

Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The Company operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua, which ranks as one of the highest-grade open pit gold mines globally. Mako's primary objective is to operate San Albino profitably and fund exploration of prospective targets on its district-scale land package. The Company also owns 100% of the gold project Eagle Mountain in Guyana, South America.

For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 917-558-5289, E-mail: aleisman@makominingcorp.com or visit our website at www.makominingcorp.com and SEDAR www.sedarplus.ca.

Forward-Looking Information: Some of the statements contained herein may be considered "forward-looking information" within the meaning of applicable securities laws. Forward-looking information can be identified by words such as, without limitation, "estimate", "project", "believe", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" or variations thereon or comparable terminology. The forward-looking information contained herein reflects the Company's current beliefs and expectations, based on management's reasonable assumptions, and includes, without limitation, that Mako's primary objective to operate San Albino profitably and fund exploration of prospective targets in Nicaragua. Such forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking information, including, without limitation, changes in the Company's exploration and development plans and growth parameters; unanticipated costs; the October 24, 2022 sanction measures imposed by the US Treasury Department having impacts on business operations not currently expected, or new sanctions being imposed in Nicaragua by the U.S. Treasury Department or other government entity in the future; and other risks and uncertainties as disclosed in the Company's public disclosure filings on SEDAR+ at www.sedarplus.ca. Such information contained herein represents management's best judgment as of the date hereof, based on information currently available. Mako does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Mako Mining Corp.

View the original press release on accesswire.com

FAQ

How many shares will Mako Mining (MAKOF) buy back under its NCIB program?

Mako Mining will buy back up to 3,956,485 common shares, representing 5% of its total issued and outstanding shares.

When does Mako Mining's (MAKOF) NCIB share buyback program start and end?

The NCIB program starts on November 19, 2024, and ends on November 18, 2025.

Who will execute the share buyback program for Mako Mining (MAKOF)?

Ventum Financial Corp. has been retained by Mako Mining to execute the share purchases under the NCIB program.

What is the purpose of Mako Mining's (MAKOF) share buyback program?

The program aims to address what management believes is an undervaluation of the company's shares relative to its business and future prospects.