08:24 AM EST, 12/31/2024 (MT Newswires) -- Mako Mining ( MAKOF ) on Tuesday said it signed a non-binding letter of intent to buy 100% of EG Acquisition (EGA), a company owned by Mako's controlling shareholder, Wexford Capital, created to buy the Moss gold mine in Arizona.

Mako expects that EGA will complete the acquisition of the Moss gold mine on Dec. 31. The purchase price for the proposed deal is expected to be in the range of US$ 4.9 million up to US$ 6.4 million if certain royalties are extinguished, all payable in cash.

The deal is expected to close by February.

EGA's acquisition of GVC is pursuant to a bankruptcy process, the terms of which included, among other things, the elimination of over US$60 million of liabilities associated with the Moss mine owed by GVC and its former parent.

Shares of Mako closed flat at $2.8 on Monday on the TSX Venture Exchange.