Makara Mining Raises $2,661,812 from the Exercise of Share Purchase Warrants

Rhea-AI Summary

Makara Mining Corp. (CSE:MAKA)(FSE:MK0)(OTC:MAKAF) announced the successful exercise of 9,735,385 share purchase warrants, raising $2,661,812. This capital will fund an aggressive exploration program at the Rude Creek Project and fulfill obligations under its Kenora Property option, where testing is in progress. Additionally, the company has extended marketing agreements through further payments totaling EUR150,000 and USD$250,000. The funds will also be allocated for future acquisitions and marketing efforts.

Positive

• Raised $2,661,812 from the exercise of share purchase warrants.
• Funding an aggressive exploration program at Rude Creek Project.
• Met initial exploration and cash payment obligations for Kenora Property.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 10, 2020 / Makara Mining Corp. (CSE:MAKA)(FSE:MK0)(OTC:MAKAF) ("Makara" or the "Company") is pleased to announce that it has raised $2,661,812 from the exercise of 9,735,385 share purchase warrants.

As a result of the warrant exercises, the Company is in a solid financial position to be able to fund an aggressive exploration program which is currently underway at its Rude Creek Project. In addition, Makara has met its initial exploration program and cash payment obligations under its Kenora Property option, where soil sampling and IP resistivity testing is underway and payment has been made in full to the vendor. The remaining funds from the warrants exercise will be used for future acquisitions, exploration and marketing.

Makara also announces that it has extended its marketing agreement with Media Relations Publishing and Promethean Marketing Inc. through the payment of an additional EUR150,000 to Media Relations and USD$250,000 to Promethean.

"I would like to thank our long-term shareholders for increasing their shareholdings in the Company through the exercise of warrants. These new funds will allow us to aggressively continue exploring at our Rude Creek flagship project and look for more acquisitions to grow our property portfolio", said Grant Hendrickson, President and CEO.

About the Company

Makara Mining Corp. (CSE: MAKA; FSE: MK0; OTC: MAKAF) is a mineral exploration company focused on the acquisition, exploration and development of gold properties. The Company is based in Vancouver, B.C. and holds options over the Rude Creek Property and Idaho Creek Property located in the Yukon and the Kenora Gold Property located in Northwestern Ontario. Additional information about the Company is available at www.makaramining.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Grant Hendrickson
Director and Chief Executive Officer
Telephone: 604-372-3707
Email: grant@makaramining.com

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, and statements respecting the Company's exploration program at Rude Creek and Kenora, the expected use of proceeds from the warrants exercise are "forward-looking statements". Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE: Makara Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/605638/Makara-Mining-Raises-2661812-from-the-Exercise-of-Share-Purchase-Warrants

FAQ

What amount did Makara Mining raise from warrant exercises?

Makara Mining raised $2,661,812 from the exercise of 9,735,385 share purchase warrants.

How will Makara Mining use the funds raised from warrants?

The funds will be used for exploration at the Rude Creek Project, obligations under the Kenora Property option, future acquisitions, and marketing.

What projects is Makara Mining focused on currently?

Makara Mining is focusing on the Rude Creek Project and the Kenora Property for exploration and testing.

Who is the CEO of Makara Mining?

Grant Hendrickson is the President and CEO of Makara Mining Corp.