TORONTO, March 6, 2019 /CNW/ - Wexford Capital LP ("Wexford") announced today that Wexford Focused Investors LLC ("WFI") and Wexford Catalyst Trading Limited ("WCT"), two private investment funds managed by Wexford, have agreed to purchase 21,955,000 common shares (the "Common Shares") of Mako Mining Corp. ("Mako") at a subscription price of $0.15 per Common Share, for an aggregate purchase price of $3,293,250. The Common Shares are being purchased in connection with Mako's non-brokered private placement (the "Private Placement") of up to 30,000,000 Common Shares, which was announced by Mako on February 22, 2019.
Prior to agreeing to participate in the Private Placement, WCT and Wexford Spectrum Trading Limited, a private investment fund managed by Wexford (together with WFI and WCT, the "Wexford Funds"), beneficially owned an aggregate of 105,414,678 Common Shares, representing approximately 37.20% of Mako's issued and outstanding Common Shares. Following closing of the Private Placement, the Wexford Funds will own an aggregate of 127,369,678 Common Shares, which would represent approximately 40.64% of the issued and outstanding Common Shares (assuming the remaining 8,045,000 Common Shares in the Private Placement are issued to other investors), an increase in the Wexford Funds' shareholding percentage of approximately 3.44% prior to completion of the Private Placement.
The Common Shares will be purchased pursuant to customary subscription agreements delivered by WFI and WCT to Mako in connection with the Private Placement. Completion of the Private Placement is subject to a number of conditions, including the satisfaction of any regulatory requirements and receipt of the approval of the TSX Venture Exchange, and is expected to occur on or about March 8, 2019.
The Common Shares are being acquired for investment purposes. The Wexford Funds may from time to time acquire additional securities, dispose of some or all of the existing or additional securities, or may continue to hold the securities of Mako. Pursuant to an investor rights agreement dated November 9, 2018 between Wexford and Mako, Wexford and its affiliates (including the Wexford Funds) have the right to participate in future equity financings of Mako to maintain their then current equity ownership in Mako on terms no less favourable than those offered to other investors in such financings (subject to certain exceptions).
The head office of Mako is located at 595 Howe Street, Suite 501, Vancouver, British Columbia, V6C 2T5. The address of WFI is c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, United States. The address of WCT is c/o Maples & Calder, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands.
For further information and to obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the Wexford Funds' acquisition of Common Shares in connection with the Arrangement, please see Mako's profile on the SEDAR website www.sedar.com.
About Wexford Capital LP
Wexford is an SEC registered investment advisor based in West Palm Beach, Florida and Greenwich, Connecticut, with over $3.3 billion of assets under management. Wexford has particular expertise in the energy/natural resources sector with actively managed investments in mining, oil and gas exploration and production, energy services, coal and related sectors.
For further information or to obtain a copy of the associated Early Warning Report, please contact:
Wexford Capital LP
411 West Putnam Ave.
Greenwich, CT 06830
Telephone: (203) 862-7000
Contact: Arthur Amron
Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Wexford Capital LP