Mako Mining arranges $35-million bought deal

Executive Summary

• Mako Mining Corp. announced a total capital raise of up to C$50 million through a combination of a C$35 million bought deal private placement and a concurrent C$15 million non-brokered private placement.
• The bought deal involves the issuance of 4,375,000 common shares at $8.00 per share, led by underwriters Stifel Canada and Cantor Fitzgerald Canada Corp., with an option for the underwriters to purchase an additional 15% of shares.
• Wexford Capital LP is subscribing to the concurrent non-brokered private placement for up to $15 million, constituting a related party transaction. Net proceeds are designated for ramping up operations at the Moss Mine, constructing development assets, and general working capital.

Key Details

• Bought Deal Structure:
  • Gross proceeds: C$35 million.
  • Shares issued: 4,375,000 common shares.
  • Issue price: $8.00 per share.
  • Underwriters: Syndicate led by Stifel Canada and Cantor Fitzgerald Canada Corp.
  • Underwriter Option: Option to purchase up to an additional 15% of offered shares (656,250 shares) for an additional $5.25 million in gross proceeds, exercisable up to 48 hours prior to closing.
  • Commission: 6% of gross proceeds of the brokered offering paid to underwriters.
• Non-Brokered Private Placement:
  • Subscriber: Wexford Capital LP.
  • Shares: 1,875,000 common shares.
  • Gross proceeds: Up to $15 million.
  • Terms: Substantially the same as the brokered offering.
  • Regulatory Status: Constitutes a related party transaction under TSX Venture Exchange Policy 5.9 and MI 61-101; exemptions from formal valuation and minority shareholder approval are relied upon.
• Total Capital Raised:
  • Expected total gross proceeds: $50 million ($35 million brokered + $15 million non-brokered).
  • If underwriter option is exercised in full, total brokered proceeds would be $40.25 million, making total aggregate proceeds $55.25 million.
• Use of Proceeds:
  • Ramp up of operations at the Moss Mine.
  • Construction of the company's development assets.
  • General working capital purposes.
• Closing and Regulatory:
  • Expected closing date: On or about Oct. 28, 2025.
  • Conditions: Subject to necessary regulatory approvals, including conditional approval from the TSX Venture Exchange.
• Share Restrictions:
  • Brokered offering shares (Canadian subscribers): No hold period under applicable Canadian securities laws (Listed Issuer Financing Exemption).
  • Non-brokered offering shares: Subject to a hold period of four months and a day under applicable Canadian securities laws.
• Offering Jurisdictions:
  • Canada: Residents of all provinces and territories except Quebec, pursuant to the listed issuer financing exemption under NI 45-106.
  • United States: Pursuant to available exemptions from registration requirements of the U.S. Securities Act of 1933.