Business
Mako Mining Announces Extension of Wexford Loan in Preparation for Return of Capital to Shareholders
Mako Mining Announces Extension of Wexford Loan in Preparation for Return of Capital to S...
About this update from Mako Mining Corp.
[{"type":"text","content":"\n \n \n \n Mako Mining Announces Extension of Wexford Loan in Preparation for Return of Capital to Shareholders\n \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 Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Oct. 4, 2021\n \n /CNW/ -\n \n Mako Mining Corp.\n \n (TSXV: MKO) (OTCQX: MAKOF) (\"\n \n Mako\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that Wexford Catalyst Trading Limited, Wexford Spectrum Trading Limited and Debello Trading Limited (collectively, the \"\n \n Lenders\n \n \") and Wexford Capital LP, as agent on behalf of the Lenders (the \"\n \n Agent\n \n \") have agreed to an extension of the current maturity date of the unsecured term loan in the amount of\n \n US$15,150,000\n \n (the \"\n \n Wexford Loan\n \n \"), of which\n \n US$12,865,000\n \n of principal remains outstanding.  This extension, from\n \n August 20, 2022\n \n to\n \n February 21, 2023\n \n , was made pursuant to the terms of the loan agreement dated as of\n \n February 20, 2020\n \n , as among Mako, as borrower, the Lenders and the Agent. The Wexford Loan is fully drawn and may 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 a rate of 10% per annum, payable semi-annually on\n \n June 30\n \n \n th\n \n and\n \n December 31\n \n \n st\n \n each year.   No fees, or other compensation, was provided to the Lenders for this six-month extension.\n \n \n \n \n \n \n \n \n \n \n Akiba Leisman\n \n , Chief Executive Officer of Mako states that, \"Wexford has been an extremely supportive shareholder since Mako was created and has provided the majority of the equity and debt used to construct and commission the San Albino gold mine.  Since declaring commercial production at San Albino on\n \n July 1\n \n \n st\n \n , the Company has been rapidly reducing liabilities, including the reduction in principal of approximately\n \n US$2.3 million\n \n on the Wexford Loan.  Debt repayment continues to be a top priority, but the recent d...