VANCOUVER, Nov. 24 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX-V: MND) is pleased to announce that it has obtained shareholder approval of its proposed acquisition of AGD Mining Pty Ltd. and a private placement of up to 24,400,000 units at a price of $0.25 per unit (each unit consisting of one common share and one warrant to acquire common shares at a price of $0.465 per share) at a special meeting of shareholders held earlier today. The acquisition of AGD Mining Pty Ltd. is composed of a private placement of units. Further details regarding these transactions can be found in Mandalay's management information circular dated November 2, 2009.
Assuming satisfaction or waiver of all other closing conditions, Mandalay currently expects to complete the transactions on or before November 27, 2009.
About Mandalay Resources Corporation:
Mandalay Resources is a Canadian-based natural resource company with assets in production. The Company is focused on executing a roll-up strategy which involves aggregation of gold, copper, silver and antimony projects, creating critical mass through the acquisition of near-term or in-production assets in Australia and the Americas.
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the proposal to complete the proposed transaction, including statements regarding the terms and conditions of the proposed transaction and its anticipated completion. 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, risks that the parties will not proceed with the proposed transaction, that the ultimate terms of the proposed transaction will differ from those that currently are contemplated, that the proposed transaction will not be successfully completed for any reason (including the failure to obtain the required financing or TSXV approval), Mandalay's ability to secure additional financing, 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. 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.
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
SOURCE Mandalay Resources Corporation
For further information: For further information: Bradford Mills, Chief Executive Officer, Greg DiTomaso, Investor Relations, Contact: (647) 436-2592