Mako Mining Announces Settlement with GR Silver and Extension of Wexford Loan

Mako Mining Corp., a company focused on gold mining and exploration, has successfully finalized a debt settlement transaction with GR Silver Mines Ltd., totaling US$960,000. This settlement includes a cash payment of US$500,000 and the issuance of 296,710 shares, with a four-month regulatory hold period. Additionally, Mako has amended its existing loan agreement with Wexford Capital LP and associated lenders, extending the loan's maturity date by four years to March 31, 2029. This extension pertains to the accrued and unpaid interest, totaling US$6,369,937.64, with the principal amount previously settled. Mako's CEO highlighted these developments as vital for the company's balance sheet, assisting in focusing on operational and development goals.

Wexford, holding a substantial share in Mako, is deemed a related party, making the loan amendment a related party transaction under regulations. However, Mako qualifies for exemptions regarding formal valuation and minority shareholder approval, facilitated by the conditions of their TSX Venture Exchange listing and the nature of the loan amendment. This move is in line with Mako's strategic goals and regulatory compliance.