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Bullboard - Stock Discussion Forum Mako Mining Corp V.MKO

Alternate Symbol(s):  MAKOF

Mako Mining Corp. is a Canada-based gold mining, development and exploration company. The Company holds 100% of four mineral concessions in Nueva Segovia, Nicaragua for a total land package of approximately 18,817 hectares. The San Albino gold deposit, located within the San Albino-Murra Property mine is in Nueva Segovia, Nicaragua. Its San Albino gold project is an open pit development project... see more

TSXV:MKO - Post Discussion

Mako Mining Corp > Mako Financing Update
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Post by hipfner on Jul 03, 2020 5:55am

Mako Financing Update

VANCOUVER, BCJuly 2, 2020 /CNW/ - Mako Mining Corp. (TSX-V: MKO) (OTCQB: MAKOF) ("Mako" or the "Company") is  pleased to announce that Wexford Capital LP has elected to exercise its participation right, pursuant to the investor rights agreement between the Company and Wexford dated November 9, 2018, in connection with the Company's previously announced C$28.4 million private placement offering (the "Offering") (see Company's press release dated June 26, 2020).  Wexford Spectrum Trading Limited and Wexford Catalyst Trading Limited, funds managed by Wexford Capital LP (collectively, "Wexford"), have agreed to purchase, on a non-brokered private placement basis, an aggregate of 41,000,000 units of Mako under the Offering, at a subscription price of C$0.40 per Unit, for aggregate proceeds of C$16,400,000, having the same terms as the Units under the bought deal portion of the Offering.

The net proceeds from Wexford will be used to fund (i) the remaining capital expenditures at the San Albino Gold Project in Nicaragua, (ii) exploration expenditures; and (iii) working capital and general corporate purposes.

The Offering is scheduled to close on July 16, 2020, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange.

The issuance and sale of the Units to Wexford is considered to be a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101").  The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such issuance and sale to Wexford as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves Wexford, is expected to exceed 25% of the Company's market capitalization (as determined under MI 61-101).

Comment by 2020EPIC on Jul 08, 2020 10:04am
This post has been removed in accordance with Community Policy
Comment by MarlinLong on Jul 08, 2020 10:16am
2020, I dont think anything meaningful happens with share price untill after placing on July 16. the fact that we are trading at 49c with an iminent placing at 40c is very telling if not unheard of for a small spec gold stock. Nice steady move up in gold price will be a nice tailiwind also over the next few months. I am sure the panic sellers on the placement announceent are feeling foolish now. ...more  
Comment by 2020EPIC on Jul 08, 2020 10:28am
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