Mako Signs Binding Letter of Intent with Sailfish Royalty Corp. for a US$6,000,000 Silver Stream to Refinance Existing Debt

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[{"type":"text","content":"Mako Signs Binding Letter of Intent with Sailfish Royalty Corp. for a US$6,000,000 Silver Stream to Refinance Existing DebtVANCOUVER, BC / ACCESSWIRE / March 1, 2023 / Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) (\"Mako\" or the \"Company\") is pleased to announce that it has signed a binding letter of intent (\"LOI\") with Sailfish Royalty Corp. (\"Sailfish\") to provide a 24-month silver stream (the \"Initial Silver Stream\") to Sailfish for cash consideration of US$6,000,000 payable by Sailfish to Mako on the closing of the Initial Silver Stream transaction and an option (the \"Option\") to Sailfish, exercisable at the discretion of Sailfish on or after 12 months following the closing of the Initial Silver Stream upon payment of additional cash consideration of US$1,000,000, to purchase subsequent silver produced from the San Albino mine, or from concessions currently owned by Mako and processed through Mako's San Albino processing facility, until silver production is no longer economically viable as mutually agreed between Mako and Sailfish (the \"Transaction\"). The parties have agreed to a exclusivity period in connection with the silver stream for a period of 120 days from the effective date of the LOI.The material terms of the Transaction are as follows:Mako has agreed to deliver to Sailfish 13,500 ounces of silver from its concessions, or alternatively gold equivalent ounces or silver credits, at the end of each month beginning on the last day of the first full month immediately following the closing date of the Transaction.The parties have agreed to use good faith efforts to enter into a definitive agreement in connection with the Transaction within 120 days from the effective date of the LOI.If the LOI is terminated within 120 days from its effective date as a result of a breach by either Sailfish or Mako of a representation, warranty or covenant made by it in the LOI, the non-breaching party shall be entitled to receive a break fee of US$150,000 from the breaching party. The obligations of Mako under the definitive silver stream agreement to be entered into between the parties shall be secured by a mortgage in favour of Sailfish against Mako's San Albino property.Closing of the Transaction is subject to the fulfillment of certain conditions including, but not limited to:Satisfactory completion of all due diligence by ...

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