Mako Mining Announces Extension of Wexford Loan in Preparation for Return of Capital to Shareholders
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595 Burrard Street, Suite 2833
Vancouver, BC V7X 1K8
Tel: (604) 646-1580
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
October 4, 2021
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Announces Extension of Wexford Loan in Preparation for Return of Capital
to Shareholders
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“ Mako” or the “ Company”) is pleased to
announce that Wexford Catalyst Trading Limited, Wexford Spectrum Trading Limited and Debello Trading
Limited (collectively, the “ Lenders”) and Wexford Capital LP, as agent on behalf of the Lenders (the
“Agent”) have agreed to an extension of the current maturity date of the unsecured term loan in the amount
of US$15,150,000 (the “Wexford Loan”), of which US$12,865,000 of principal remains outstanding. This
extension, from August 20, 2022 to February 21, 2023 , was made pursuant to the terms of the loan
agreement dated as of February 20, 2020, 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 June 30 th and December 31st each year. No fees, or other compensation, was provided
to the Lenders for this six-month extension.
Akiba Leisman, 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 July
1st, the Company has been rapidly reducing liabilities, including the reduction in principal of approximately
US$2.3 million on the Wexford Loan. Debt repayment continues to be a top priority, but the recent decline
in Mako’s share price has accelerated plans for a return of capital to shareholders, as the share price is at
levels that we believe do not reflect the value of the business. The extension of the Wexford Loan by six
months provides maximum flexibility to pursue this. The Company intends to announce specific plans for
the return of capital to shareholders shortly.”
On behalf of the Board,
Akiba Leisman
Chief Executive Officer
About Mako
Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The Company
operates the high -grade San Albino gold mine in Nueva Segovia, Nicaragua, which ranks as one of the
highest-grade open pit gold mines globally. Mako’s primary objective is to operate San Albino profitably
and fund exploration of prospective targets on its district-scale land package.
For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 203 -
862-7059, E-mail: [email protected] or visit our website at www.makominingcorp.com and
SEDAR www.sedar.com.
Forward-Looking Information: Some of the statements contained herein may be considered “forward -looking
information” within the meaning of applicable securities laws. Forward-looking information can be identified by
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words such as, without limitation, “estimate", "project", "believe", "anticipate", "intend", "expect", "plan", "predict",
"may" or "should" or variations thereon or comparable terminology. The forward -looking information contained
herein reflects the Company’s current beliefs and expectations, based on management’s reasonable assumptions, and
includes, without limitation, the Company’s intention to announce specific plans for a return of capital to shareholders
shortly, and that Mako will meet its objective to operate San Albino profitably and fund exploration of prospective
targets on its district -scale land package . 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 forward-looking
information, includ ing, without limitation, unanticipated costs; cash flow generation being weaker than expected
inhibiting the Company’s ability to repay its debts; share price fluctuations; and other risks and uncertainties as
disclosed in the Company’s public disclosure filings on SEDAR at www.sedar.com. 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 current status of the Wexford Loan , 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 Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.