Mandalay Resources Announces Shareholders’ Approval of Transaction
Toronto — Mandalay Resources Corporation (TSX: MND, OTCQB: MNDJF) is thrilled to share that its shareholders have overwhelmingly approved a pivotal Arrangement Resolution. This special resolution allows Alkane Resources Limited (ASX: ALK, OTC: ALKEF) to acquire all outstanding common shares of Mandalay Resources. This momentous decision was made during a special meeting held recently, reflecting strong support from Mandalay shareholders.
Voting Results from the Shareholder Meeting
The Arrangement required a two-thirds majority for approval. The voting results showcased overwhelming support from shareholders:
Resolution: Approval of the Arrangement Resolution
Votes For: 73,442,195 (99.85%)
Votes Against: 109,035 (0.15%)
The notable backing at the meeting underscores shareholders' confidence in the strategic benefits of this transaction.
Next Steps in the Arrangement Process
Following this significant approval, Mandalay plans to seek a final order from the Supreme Court of British Columbia to finalize the Arrangement. A court hearing is expected soon, further paving the way for completion of the transaction.
Additionally, Alkane has confirmed that its shareholders have given their consent for the issuance of shares to Mandalay shareholders as part of this arrangement.
Uplisting to Enhance Market Visibility
As part of the transaction, Alkane intends to upgrade its current U.S. over-the-counter listing from the Pink Limited Market to the OTCQX Market. This strategic move aims to enhance visibility and liquidity for U.S. investors who will be receiving Alkane shares in exchange for their Mandalay shares. This uplisting would significantly broaden access and streamline trading for investors interested in this merger.
CEO’s Perspective on the Combined Future
Frazer Bourchier, President and CEO of Mandalay, stated, "We are thrilled with the robust support demonstrated by our shareholders for this merger with Alkane. This combination is not just a merger; it's a transformative opportunity that strengthens our position in tier-one jurisdictions as a dual-listed gold and antimony producer. Our commitment lies in delivering significant value to our shareholders as we move forward into this new chapter."
About Mandalay Resources Corporation
Mandalay Resources is a natural resource company based in Canada with operating mines in Australia and Sweden. The company focuses on enhancing its production capabilities while maintaining cost efficiency for generating positive cash flow. It is devoted to sustainable operations and fostering robust community and employee engagement.
Frequently Asked Questions
What is the significance of this transaction for Mandalay?
This transaction allows Mandalay to merge with Alkane, creating a stronger entity positioned for growth and profitability in critical resource markets.
Who are the key players in this transaction?
The key players include Mandalay Resources Corporation and Alkane Resources Limited, with their executives leading the merger processes.
When is the expected completion date for the merger?
The merger is anticipated to be completed around the beginning of August 2025, following necessary legal approvals.
How will this acquisition impact shareholders?
Shareholders of Mandalay will receive Alkane shares, potentially increasing their investment's value through enhanced market presence.
What will the new company look like post-transaction?
Post-transaction, the new entity will operate as a combined gold and antimony producer, aiming for growth in stable market regions, and dual listing on ASX and TSX.
