Mandalay Resources Corporation Provides Update on Repurchase Offer and Consent Solicitation in Respect of 5.875% Secured Exchangeable Bonds
(Thomson Reuters ONE) -
TORONTO, May 12, 2017 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation
("Mandalay" or the "Company") (TSX:MND) announced today that Gold Exchange
Limited ("GEL"), an unaffiliated special purpose vehicle incorporated in Jersey,
has issued the announcement attached as Schedule "A" to this press release (the
"Announcement") in respect of GEL's repurchase offer (the "Repurchase") and
consent solicitation (the "Consent Solicitation") in respect of its
U.S.$60,000,000 principal amount 5.875% secured exchangeable bonds due 2019 (the
"Bonds") that was launched on April 19, 2017.
As indicated in the Announcement, Mandalay understands that:
* the meeting of Bondholders in respect of the proposed amendments to the
Bonds that were the subject of the Consent Solicitation has been adjourned
indefinitely;
* the Repurchase has been withdrawn; and
* GEL has entered into discussions with Bondholders with respect to
implementing alternative arrangements in respect of the Bonds which are
substantially similar to those that were originally proposed pursuant to the
Repurchase and Consent Solicitation (the "Alternative Arrangements").
Mandalay has been advised that to date GEL has received unanimous support from
Bondholders in respect of the Alternative Arrangements. Mandalay will provide a
further update on the Alternative Arrangements once GEL has determined whether
or not they will be implemented.
For Further Information:
Mark Sander
President and Chief Executive Officer
Greg DiTomaso
Director of Investor Relations
Contact:
647.260.1566
About Mandalay Resources Corporation:
Mandalay Resources is a Canadian-based natural resource company with producing
assets in Australia, Sweden 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, the Americas and Europe to generate near-term cash flow and
shareholder value.
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of
applicable securities laws, including statements regarding the Company's
production of gold, silver and antimony for the 2017 fiscal year. Readers are
cautioned not to place undue reliance on forward-looking statements. Actual
results and developments may differ materially from those contemplated by these
statements depending on, among other things, changes in commodity prices and
general market and economic conditions. The factors identified above are not
intended to represent a complete list of the factors that could affect Mandalay.
A description of additional risks that could result in actual results and
developments differing from those contemplated by forward-looking statements in
this news release can be found under the heading "Risk Factors" in Mandalay's
annual information form dated March 31, 2017, a copy of which is available under
Mandalay's profile at www.sedar.com. In addition, there can be no assurance that
any inferred resources that are discovered as a result of additional drilling
will ever be upgraded to proven or probable reserves. Although Mandalay has
attempted to identify important factors that could cause actual actions, events
or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not
to be as anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements.
Schedule "A"
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, ITS
TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF
COLUMBIA (THE "UNITED STATES")
12 May 2017
GOLD EXCHANGEABLE LIMITED ANNOUNCES ADJOURNMENT OF MEETING AND WITHDRAWAL OF
REPURCHASE OFFER
Notice is hereby given that the Meeting of the Bondholders convened by Gold
Exchangeable Limited (the "Issuer") in relation to its U.S.$60,000,000 5.875 per
cent. Secured Exchangeable Bonds due 2019 (the "Bonds") (ISIN: XS1061459381) by
the notice dated 19 April 2017 as notified through the clearing systems to
holders of the Bonds ("Bondholders") was adjourned indefinitely at the request
of the Issuer.
Notice is also hereby given that the repurchase offer made by the Issuer in
relation to the Bonds, which was made on the terms, and subject to the
conditions, contained in the repurchase and consent solicitation memorandum
dated 19 April 2017 (as amended on 27 April 2017) (the "Repurchase and Consent
Solicitation Memorandum"), has been withdrawn by the Issuer. Capitalised terms
used in this announcement have the same meaning ascribed to them in the
Repurchase and Consent Solicitation Memorandum.
The Issuer has entered into discussions with Bondholders on alternative
arrangements in respect of the Bonds which are substantially similar to those
contained in the Proposal. The Issuer intends to implement these arrangements as
soon as possible, and to date has received unanimous indicative support in
respect of these arrangements from the Bondholders (subject to completion of the
necessary documentation).
Given the intention to amend the Conditions in a manner similar to those
contained in the Proposal, the Issuer will not comply with the requirements of
Condition 3.2 of the Bonds to register Gold Shares (as defined in the
Conditions) in the Custody Accounts (as defined in the Conditions) on 14 May
2017.
To the extent a Bondholder had submitted an Electronic Instruction prior to the
Expiration Deadline, it may request the relevant clearing system to unblock the
Bonds from its account.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Mandalay Resources Corporation via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2017 - 13:44 Uhr
Sprache: Deutsch
News-ID 542218
Anzahl Zeichen: 7134
contact information:
Town:
Toronto
Kategorie:
Business News
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