Mako Mining Corp. Files Restated December 31, 2019 Year End Financial Statements
VANCOUVER, Nov. 26, 2020 - Mako Mining Corp. (TSXV: MKO) (OTCQX: MAKOF) ("Mako" or the "Company") announces that its previously issued audited consolidated financial statements for the eight months ended December 31, 2019, and the corresponding management's discussion and analyses (collectively, the "Restated Documents") have been restated and reissued as of today's date. During the eight months ended December 31, 2019, the Company included an accrual for mining concession taxes in Mexico that should have been reversed and included a value added taxes ("IVA") receivable relating to the settlement agreement with the mining contractor in Mexico that should also have been reversed. The net effect of reversing the accrual and the IVA receivable resulted in an increase in net income and working capital of $923,993.
The Company has filed the Restated Documents on SEDAR today, which are available under the Company's profile at www.sedar.com. The Restated Documents will replace and supersede the respective previously-filed financial statements and management's discussion and analysis for such period (collectively, the "Previous Documents"). The Previous Documents should no longer be relied upon.
On behalf of the Board,
Akiba Leisman
Chief Executive Officer
About Mako
Mako Mining Corp. is a publicly listed gold mining, development and exploration firm. The Company is developing its high-grade San Albino gold project in Nueva Segovia, Nicaragua. Mako's primary objective is to bring San Albino into production quickly and efficiently, while continuing exploration of prospective targets in Nicaragua.
Forward-Looking Statements: Some of the statements contained herein may be considered "forward-looking information" within the meaning of applicable securities laws, such as the Company's objective to bring San Albino into production quickly and efficiently while continuing to explore prospective targets in Nicaragua. Although Mako believes that the expectations reflected in its forward-looking information are reasonable, such information has been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to Mako. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, Mako does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mako Mining Corp.
Contact
Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 203-862-7059, E-mail: aleisman@makominingcorp.com; or visit our website at www.makominingcorp.com and SEDAR www.sedar.com.
