VANCOUVER, BC, October 4, 2021 / CNW / – Mako Mining Corp. (TSXV: MKO) (OTCQX: MAKOF) (“Mako“or the”Society“) is pleased to announce that Wexford Catalyst Trading Limited, Wexford Spectrum Trading Limited and Debello Trading Limited (collectively, the”Lenders“) and Wexford Capital LP, as agent on behalf of the lenders (the”Agent“) have agreed to an extension of the current maturity date of the unsecured term loan in the amount of 15,150,000 USD (the “Wexford loan“), of which US $ 12,865,000 of the principal remains unpaid. This extension, from August 20, 2022 To February 21, 2023, was made in accordance with the terms of the loan agreement dated February 20, 2020, as with Mako, as the borrower, the Lenders and the Agent. The Wexford loan is fully utilized and can be prepaid at any time, in whole or in part, at par plus accrued but unpaid interest, without penalty or premium, and currently bears interest at the rate of 10% per annum, payable semi-annually. the June 30the and the 31st of Decemberst every year. No fees or other compensation have been provided to the Lenders for this six month extension.
Akiba Leisman, CEO of Mako says, “Wexford has been an extremely supportive shareholder since the inception of Mako and provided the majority of the equity and debt used to build and commission the San Albino gold mine. Since the declaration of commercial production in San Albino on 1st of Julyst, the Company quickly reduced its liabilities, including the reduction of principal by approximately $ 2.3 million on loan from Wexford. Debt repayment remains a top priority, but the recent drop in Mako’s share price has accelerated plans to repay capital to shareholders as the share price sits at levels that we believe do not reflect the value of the business. The six-month Wexford loan extension provides maximum flexibility to pursue this goal. The Company intends to announce specific plans for the repayment of capital to shareholders in the near future. “
On behalf of the Council,
Chief Executive Officer
Mako Mining Corp. is a publicly traded gold mining, development and exploration company. The Company operates the San Albino high-grade gold mine in Nueva Segovia, Nicaragua, which ranks among the highest grade surface gold mines in the world. Mako’s primary goal is to profitably operate San Albino and fund exploration of potential targets on its district-wide land package.
Forward-looking information: Some of the statements contained in this document may be considered “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may be identified by words such as, but not limited to, “estimate”, “project”, “believe”, “anticipate”, “intend”, “expect”, “plan” “,” Predict “,” may “or” should “or variations of it or comparable terminology. The forward-looking information contained in this document reflects the Company’s current beliefs and expectations, based on management’s reasonable assumptions, and includes, without limitation, the Company’s intention to announce in the near future specific plans for the repayment of capital to shareholders, and that Mako will meet its goal of profitably operating San Albino and funding exploration of potential targets on its district-wide land package. This forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those reflected in the forward-looking information, including, without limitation, unforeseen costs; the generation of cash flow being lower than expected, inhibiting the Company’s ability to repay its debts; fluctuations in share prices; and other risks and uncertainties as disclosed in the Company’s public information documents on SEDAR at www.sedar.com. Such information contained herein represents the best judgment of management as of the date hereof, based on information currently available and is included for the purpose of providing investors with information regarding the current status of the Wexford loan., and may not be appropriate for other purposes. Mako does not undertake to update 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.
For further information: Mako Mining Corp., Akiba Leisman, President and CEO, Phone: 203-862-7059, Email: [email protected] or visit our website at www.makominingcorp.com and SEDAR www.sedar.com.