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Mako Mining Announces Closing of $4.5 Million Non-Brokered Private Placement Financing
Mako Mining Announces Closing of $4.5 Million Non-Brokered Private Placement Financing ...
About this update from Mako Mining Corp.
[{"type":"text","content":"\n\n\n\nMako Mining Announces Closing of $4.5 Million Non-Brokered Private Placement Financing\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\nTORONTO, March 8, 2019\n\n\n\nTSX- V:  MKO\n TORONTO, March 8, 2019 /CNW/ - Mako Mining Corp. (TSX-V:MKO) (\"Mako\" or the \"Company\") is pleased to announce that, further to the Company's news release dated February 22, 2019, it has closed its previously announced non‑brokered private placement issuing 30,000,000 common shares of the Company at a price of CAD$0.15 per share for gross proceeds of CAD$4,500,000 (the \"Offering\").\n\n \n \n\n \nWexford Capital LP, through funds managed by Wexford Capital LP (collectively, \"Wexford\"), which is an insider of the Company, subscribed for a total of 21,955,000 shares under the Offering. Wexford now beneficially owns, or exercises control or direction over, 127,369,678 shares of the Company, representing approximately 40.64% of the issued and outstanding shares of the Company upon completion of the Offering.  In addition, Rael Lipson, a director of the Company, subscribed for 45,000 shares under the Offering.\nThe proposed principal uses of proceeds of the Offering are to fund ongoing exploration programs (including diamond drilling) at Las Conchitas in Nicaragua (~ 45%), ongoing detailed Engineering for the San Albino gold project in Nicaragua ~ 25%), first phase exploration at La Trinidad in Mexico (~ 10%) and for working capital and general corporate purposes (~ 20%).\nThe TSX Venture Exchange (the \"TSXV\") has granted conditional approval of the listing of the shares issued under the Offering. Final TSXV approval of the Offering is subject to compliance with the customary requirements of the TSXV. The shares issued under the Offering are subject to resale restrictions pursuant to a \"distribution compliance period\" (as defined in Regulation S under the United States Securities Act of 1933, as amended) of one year from the date the shares were issued. The shares are also subject to a statutory hold period of four months plus a day from the date...