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Mako Mining Completes $28.4 Million Private Placement


On July 16, 2020, Mako Mining Corp. closed a private placement for total gross proceeds of $28.4 million. The offering consisted of a bought deal private placement of 30,000,000 units of Mako at a price of $0.40 per unit for gross proceeds of $12 million, led by Stifel GMP and including Eight Capital and INFOR Financial Inc. as underwriters, and a concurrent non-brokered private placement of 41,000,000 units of Mako issued to Wexford Spectrum Trading Limited and Wexford Catalyst Trading Limited, funds managed by Wexford Capital, for $0.40 per unit for gross proceeds of $16.4 million.

Each unit consisted of one common share and one-half of one common share purchase warrant of Mako. Each warrant is exercisable by the holder thereof to purchase one common share at an exercise price of $0.60 until January 16, 2022.

Cassels acted for Mako with a deal team that included Andrea FitzGerald, Jasmine Qin and Tiffany Chiu (Securities and Mining) and Chris Norton and Tera Li Parizeau (Tax).

RELATED EXPERTISE: Securities | Mining | Taxation