Help Desk -
9717405332, 9599714297, 9810335381
Email
Password

Golden Reign & Marlin Gold complete business combination to form Mako Mining

Mining News - Published on Wed, 14 Nov 2018

Image Source: marlingold.com
Mako Mining Corp and Marlin Gold Mining Ltd announced the successful completion of the previously announced business combination transaction of the two companies pursuant to a plan of arrangement under the Business Corporations Act (British Columbia), whereby the Company acquired all of the issued and outstanding common shares of Marlin. Prior to the closing of the Arrangement, the parties completed the previously announced amendment to the Company’s Gold Purchase Agreement with Sailfish Royalty Corp. and the Marlin Reorganization, including the sale of Marlin’s Commonwealth Project to funds controlled by Wexford Capital LP, Marlin’s controlling shareholder, which extinguished all of Marlin’s loans and any other debts and liabilities owing to Wexford.

Mr Kevin Bullock, CEO of Mako Mining, said that “As a result of the Arrangement, shareholders of Mako Mining will benefit from the producing La Trinidad Gold Mine in Mexico, cash in the bank and no debt, and an unencumbered, fully permitted, high grade gold development asset in Northern Nicaragua.” He went on to say “having now amended the previous Gold Purchase Agreement with Sailfish, Mako Mining shareholders will also benefit from building a fully permitted, unencumbered asset with security and provisions commensurate with a standard, third-party NSR agreement.”

Shareholders of Marlin approved the Arrangement on October 30, 2018, and shareholders of the Company approved the issuance of common shares of the Company pursuant to the Arrangement (the “Company Shares”) on the same date. The Supreme Court of British Columbia issued the final order approving the Arrangement on November 1, 2018.

Effective upon closing of the Arrangement, the directors of Mako Mining are Messrs. Kevin Bullock, Rael Lipson, John Conlon and Akiba Leisman, each of whom are continuing directors of the Company, together with Messrs. Cesar Gonzalez and John Pontuis, who were previously directors of Marlin, and Mr. John Hick, who is a new director.

Joining the current Mako Mining senior management team from Marlin, effective upon closing of the Arrangement, is Scott Kelly, as Interim Chief Financial Officer and Corporate Secretary and Jesse Munoz, as Chief Operating Officer. Kevin Bullock continues as Chief Executive Officer and Zoran Pudar continues as Vice President, Exploration of the Company.

Source :

Posted By : Ratan Singh on Wed, 14 Nov 2018
Related News from Mining segment