Mako to Complete Gold-Linked Loan Repayments to Sailfish in Silver
March 2, 2023
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to announce that it has reached an agreement with Sailfish Royalty Corp. ("Sailfish") whereby the remaining seven payments of the outstanding gold-linked loan entered into on August 27, 2021 (“Gold Loan”) will be made in physical silver.
Akiba Leisman, CEO of Mako states, “the Gold Loan was a flexible form of financing for Mako, and we are happy to reciprocate that flexibility by repaying the remaining 7 payments due to Sailfish with physical silver, which we currently mine as a byproduct at San Albino.”
The outstanding Gold Loan entitled Sailfish to receive cash compensation based on the prevailing price of gold. So far, Mako has made 17 payments out of a total of 24 monthly cash payments to Sailfish equal to the cash equivalent of 205 ounces of gold multiplied by the preceding month’s average gold price with a floor of US$1,750/oz and a ceiling of US$2,000/oz pursuant to the terms of the Gold Loan. The remaining seven payments owed to Sailfish will be based on the same formula, but will be paid in physical silver in lieu of cash.
On behalf of the Board,
Chief Executive Officer
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@example.com 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 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 expectation that definitive documentation will be entered into on or before 120 days from the effective date of the LOI; that Mako will deliver 13,500 ounces of silver, gold equivalent or silver credits to Sailfish on the timelines agreed to following execution of definitive documentation; that Mako will pay a US$150,000 break fee to Sailfish in the event it breaches the LOI; the obligations of Mako under the definitive silver stream agreement to be entered into will be secured by a mortgage in favour of Sailfish against Mako’s San Albino property; that all conditions to the proposed Transaction will be met or waived; and Sailfish will complete its US$4,000,000 financing in order to fund the purchase price of the Initial Silver Stream; that Mako will be able 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, including, without limitation, any of the conditions to the proposed Transaction not being met on the timeline expected, or at all, 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. 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.