TORONTO, May 28, 2012 /CNW/ - Mandalay Resources Corporation ("Mandalay"
or the "Company") (TSX: MND, MND.WT) announced today that it has
commenced its previously announced warrant exchange offer (the
"Exchange Offer") and mailed the formal offer to purchase, issuer bid
circular and other related documents (collectively, the "Offer
Documents") to holders of Mandalay common share purchase warrants (the
"Warrantholders") and filed the Offer Documents with the applicable securities
regulators.
Pursuant to the Offer Documents, Mandalay has offered to purchase all of
its outstanding common share purchase warrants (the "Warrants") in
exchange for common shares ("Common Shares") on the following basis:
|
Warrant Series
|
Description
|
Exchange Price
|
|
Series 2
|
Issued on August 6, 2010 with an exercise price of $0.33 and an expiry
date of August 6, 2012
|
0.58 Common Shares for each Series 2 Warrant
|
|
Series 3
|
Issued on April 22, 2009 with an exercise price of $0.20 and an expiry
date of April 22, 2014
|
0.79 Common Shares for each Series 3 Warrant
|
|
Series 4
|
Issued on July 22, 2009 with an exercise price of $0.20 and an expiry
date of July 22, 2014
|
0.79 Common Shares for each Series 4 Warrant
|
|
Series 5
|
Issued on October 15, 2009 with an exercise price of $0.465 and an
expiry date of October 15, 2014
|
0.47 Common Shares for each Series 5 Warrant
|
|
Series 6
|
Issued on November 30, 2009 with an exercise price of $0.31 and an
expiry date of November 30, 2014
|
0.63 Common Shares for each Series 6 Warrant
|
|
Series 7
|
Issued on November 30, 2009 with an exercise price of $0.465 and an
expiry date of November 30, 2014
|
0.47 Common Shares for each Series 7 Warrant
|
The Exchange Offer will be open for acceptance until 5:00 p.m. (Toronto
time) on July 3, 2012, unless withdrawn or extended by the Company. The
Exchange Offer is not conditional on any minimum number of Warrants
being tendered to the Exchange Offer, but is subject to other
conditions customary for transactions of this nature.
The full details of the Exchange Offer are contained in the Offer
Documents, copies of which are available online at www.sedar.com. Mandalay Warrantholders are encouraged to read the Offer Documents
carefully and in their entirety.
None of Mandalay, the Board of Directors or the Special Committee of the
Board of Directors makes any recommendation to Warrantholders as to
whether to tender or refrain from tendering their Warrants to the
Exchange Offer. Warrantholders are strongly urged to consult their own
financial, tax and legal advisors and to make their own decisions
whether to tender or refrain from tendering their Warrants to the
Exchange Offer.
This press release is for information purposes only and is not an offer
to buy or sell or the solicitation of an offer to buy or sell any
Warrants or Common Shares.
About Mandalay Resources Corporation
Mandalay Resources is a Canadian-based natural resource company with
producing assets in Australia and producing and exploration projects in
Chile. The Company is focused on executing a roll-up strategy, creating
critical mass by aggregating advanced or in-production gold, copper,
silver and antimony projects in Australia and the Americas to generate
near-term cash flow and shareholder value.
