Mako Mining Announces Execution of Main Credit Facility with Nebari
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February 22, 2021
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Announces Execution of Main Credit Facility with Nebari
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to announce
that further to its press release of February 16, 2021, it has now entered into the main credit facility with Nebari
Natural Resources Credit Fund I, LP (“Nebari”) to provide financing of US$6.34 million (the “Principal
Amount”).
The Company proposes to use the funds to accelerate the ramp up of mining operations at the San Albino gold
project (“San Albino”) in northern Nicaragua, the acceleration of the previously announced US$8.5 million 2021
exploration program (see press release dated February 1, 2021), and for fees and expenses incurred in connection
with the Nebari financing.
The interest rate on the Principal Amount will be 8% with an original issue discount of 5.3% and a maturity date
of March 31, 2022. There will be no pr e-payment penalties and no hedging. Clos ing of the credit facility is
expected on or before February 28, 2021.
The Company intends to repay the previously announced bridge loan from Nebari in full with the proceeds of the
main credit facility. The credit fac ility is secured by a pledge of shares in favour of Nebari of the Company’s
Nicaraguan subsidiaries, Gold Belt, S.A. and Nicoz Resources, S.A. It is contemplated that the share pledges will
be granted for the benefit of both Nebari and Mako’s existing lender and controlling shareholder, Wexford Capital
LP upon the closing on the main credit facility.
On behalf of the Board,
Akiba Leisman
Chief Executive Officer
About Nebari
Nebari is a New York based manager of privately offered pooled investment vehicles including Nebari Natural
Resources Credit Fund I, LP which is funding the loan to Mako. The leadersh ip team has deep experience with
leading global mining companies and financial institutions . Nebari is known for partnering with motivated and
capable management teams focused on achieving clear plan targets.
About Mako
Mako Mining Corp. is a publicly liste d gold mining, development and e xploration firm. The Company is
developing its high-grade San Albino gold project in Nueva Segovia, Nicaragua. Mako’s primary objective is to
bring San Albino into production quickly and efficiently, while continuing expl oration of prospective targets in
Nicaragua.
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For further information: Mako Mi ning Corp., Akiba Leisman, Chief Ex ecutive Officer, Te lephone: 203-862-
7059, E-mail: [email protected] or visit our website at www.makominingcorp.com and SEDAR
www.sedar.com.
Forward-Looking Information: Certain statements contained herein may be considered “forward-looking information” within the
meaning of applicable securities laws. Forward-looking information can be identified by words such as, without limitation, “pro pose
“, “estimate”, “project”, “believe”, “antici pate”, “intend”, “expect”, “pla n”, “predict”, “may” or “sh ould” or variations there on
or comparable terminology. The forward-looking information contained herein reflects the Company’s current beliefs and expectations,
based on management’s reasonable assumptions as of the date hereof, and includes, without limitation, the Company’s expectation that
it will successfully close on the Principal Amount with Nebari by February 28, 2021, and that the bridge loan will be repaid in full using
the proceeds of the credit facility without any interest penalty; that it will use the funds to accelerate the ramp up of mining operations
at San Albino, to accelerate the 2021 exploration program and to pay fees and expenses incurred in connection with the debt financing;
and that the Company will be able to bring San Albino into production quickly and efficiently while continuing exploration of prospective
targets in Nicaragua. Such forward-looking information is subject to a variety of risks and uncertainties which could cause actual events
or results to differ materially from those reflected in the fo rward-looking information, including, without limitation, the Com pany not
being successful closing on the Principal Amount by February 28, 2021, or at all, and that, as a result, the Company potentially becomes
subject to the payment of interest penalty and required to repa y the bridge loan without the expected additional funding from N ebari;
that the Company is not able to ramp up mi ning operations at San Albi no and accelerate its 2021 expl oration program as a result of
lack of funding or other factors; and changes in plans and parameters related to San Albino and the Company’s exploration prospectus
in Nicaragua and other risks and uncertainties as disclosed in the Company’s public disclosure filings on SEDAR at www.sedar.co m.
Such information contained herein represents management’s best judgment as of the date hereof, based on information currently
available and is included for the purposes of providing investors with information regarding the Company’s current funding
arrangements with Nebari, and may not be appropriate for other purposes. Mako does not undertake to update any forward-looking
information, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provid er (as that term is defined in the policies of the TSX Ventu re
Exchange) accepts responsibility for the adequacy or accuracy of this release.