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Mako Closes US$15,150,000 Term Loan
Mako Closes US$15,150,000 Term Loan Canada NewsWire VANCOUVER, Feb. 21, 2020 ...
About this update from Mako Mining Corp.
[{"type":"text","content":"\n\n\n\nMako Closes US$15,150,000 Term Loan\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 21, 2020\n\n\n\nVANCOUVER, Feb. 21, 2020 /CNW/ - Mako Mining Corp. (TSX-V: MKO) (\"Mako\" or the \"Company\") is pleased to announce that it has closed a US$15,150,000 unsecured term loan (the \"Loan\") from Wexford Catalyst Trading Limited, Wexford Spectrum Trading Limited and Debello Trading Limited (collectively, the \"Wexford Funds\" or the \"Lenders\"), each private investment funds managed by the Company's controlling shareholder, Wexford Capital LP. The Loan was made pursuant to a loan agreement dated as of February 20, 2020, among the Company, Wexford Capital LP, as agent, and each of the Lenders (the \"Loan Agreement\").\n\n \n \n\n \nThe Company proposes to use the funds from the Loan for construction, development and exploration activities in Nicaragua, for general corporate purposes and for fees and expenses incurred in connection with the Loan.\nAkiba Leisman, Chief Executive Officer of Mako states that \"the closing of the Loan allows Mako to maintain the expected timeline to first gold pour at San Albino of late summer 2020. In addition to the financing, the Company enjoyed another milestone this week with the commencement of mining at San Albino. Pre-stripping of waste has commenced with mining of mineralized material expected in the second week of March after blast hole samples are assayed and returned from an external lab. We can't thank our operating team enough for their effort in advancing the San Albino gold project toward production and our controlling shareholder, Wexford, for their continued support at a time when financing for junior mining companies continues to be a challenge. Specifically, the Loan is expected to provide the funds necessary to complete construction of the mine without further equity dilution, without having to pledge security on the Company's assets or restrict the return of capital to investors when the mine is able to support dividends and/or share buybacks.\"\nThe Loan matures in August 2022 a...