Mandalay Resources Corporation Announces New US$40 Million Revolving Credit Facility and Change to Dividend Policy
TORONTO, July 25, 2017 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND) announced today that it has entered into a senior secured revolving credit facility with HSBC Bank Canada for up to US$40 million (the "Facility"). The Facility matures on July 24, 2020. Proceeds from the Facility will be used for working capital, capital expenditures, permitted acquisitions and other general corporate purposes.
Amounts drawn on the Facility will bear interest at LIBO plus 3.5%-4.5% per annum or at HSBC's "base rate" plus 2.5%-3.5%, depending on the Company's leverage ratio. The undrawn portion of the Facility is subject to a standby fee of 1.0% per annum. The Facility is secured by a first ranking security interest over substantially all of the Company's assets, excluding the Company's Australian subsidiaries and its Costerfield mine and subject to permitted liens.
The Facility includes a number of customary positive and negative covenants, including a prohibition on the payment of dividends by the Company without HSBC's consent. As a result, in connection with entering into the Facility, the Company has agreed to suspend its dividend until it has greater clarity on its future cash flows, including the cost, timing and financial impact of restarting its Cerro Bayo operations. Future payment of dividends will require HSBC's consent as long as the Facility remains outstanding. Accordingly, the Company cannot provide any assurance as to when and in what amounts (if at all) it will be able to resume paying dividends. The board of directors of the Company will evaluate the Company's financial position on an ongoing basis with a view to potentially reinstating dividends when feasible.
Mark Sander, President and Chief Executive Officer of Mandalay, commented, "This new revolving credit facility completes the planned restructuring of Mandalay's debt, which began with the repurchase of $30 million of the 5.875% secured exchangeable bonds issued by Gold Exchange Limited and an amendment of the terms of the remaining $30 million that included an extension of the maturity date to May 2022 (see press release of May 24, 2017). The combination of the re-set of the exchangeable bonds and the new revolver increases our financial flexibility, leaving the Company well-funded to maintain its capital investment program in its existing mines and to provide excess working capital. It also will allow the Company to act quickly on attractive acquisition opportunities that may arise."
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.
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company's dividend policy. 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.
For Further Information:
President and Chief Executive Officer
Director of Investor Relations
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
Följ NASDAQ OMX
Abonnera på våra pressmeddelanden.
Senaste pressmeddelandena från NASDAQ OMX
Vricon launches Telco Suite at Mobile World Congress23.2.2018 19:20 | Pressmeddelande
Visit us at MWC Booth 6L8 to learn about our 3D geodata solution McLean, Virginia, Feb. 23, 2018 (GLOBE NEWSWIRE) -- Vricon is pleased to announce that it is launching its Telco Suite at this year's Mobile World Congress (MWC) in Barcelona. MWC participants can see a demonstration of the Telco Suite in Vricon's booth, located at #6L8. The Vricon Telco Suite is designed to help telecommunications companies navigate the rapid changes happening throughout the industry. With an increasing number of connected devices, high-definition content, and new services, the demands on networks are accelerating and growing exponentially. The Vricon Telco Suite is a cost-effective, next-generation solution that helps companies design networks for optimal performance, whether it's to densify existing 4G LTE networks, prep for 5G to empower smart homes and the Internet of Things, or work a more complex HetNet. "Mobile World Congress 2018 is the best place to see first-hand new technologies, to include Vr
Inspiration Provides Update23.2.2018 17:12 | Pressmeddelande
TORONTO, Feb. 23, 2018 (GLOBE NEWSWIRE) -- Inspiration Mining Corporation (CSE:ISM) - Pursuant to its previous news release Feb 14, 2018 Inspiration Mining Corp. is pleased to announce that the ongoing due diligence and negotiations with Compassion Cannabis is ahead of schedule and on track. Both parties are looking forward to positive conclusion. For further information, please contact Randy Miller, Chief Executive Officer of the Corporation, at tel: 416-842-9000, www.inspirationmining.com The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed
Three Elemica Executives Named Supply Chain Pros to Know23.2.2018 15:22 | Pressmeddelande
Leading Clients on Their Digital Transformation Journey to Operational Excellence WAYNE, Pa., Feb. 23, 2018 (GLOBE NEWSWIRE) -- Elemica, the leading Digital Business Network for process manufacturing industries, announces that three company executives have been selected as 2018 Supply Chain Provider Pros to Know by Supply & Demand Chain Executive magazine. Armand Castro, Vice President, Application Engineering; Mark Walsh, Vice President, Global Customer Support; and Steve Troncelliti, Vice President, Global Professional Services and IT Security are this year's honored Pros to Know from Elemica. They were chosen for helping clients resolve their most significant supply chain challenges through innovative digital transformation solutions and a next-generation digital platform that lowers working capital costs, streamlines operations and drives efficiencies. "Supply chain executives want to increase their digital transformation efforts across their supply chains to gain intelligent visib
Mandalay Resources Corporation Files Audited Fourth Quarter and Full-Year 2017 Financial Statements23.2.2018 04:06 | Pressmeddelande
TORONTO, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND) today filed its audited financial results for the year-ended December 31, 2017. The Company's condensed and consolidated financial results for the year ended December 31, 2017, together with its Management's Discussion and Analysis ("MD&A") for the corresponding period are available under the Company's profile on www.sedar.com and on the Company's website at www.mandalayresources.com. For Further Information: Mark Sander President and Chief Executive Officer Greg DiTomaso Director of Investor Relations Contact: 1.647.260.1566 About Mandalay Resources Corporation: Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development 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
Aurora Solar Technologies Named to TSX Venture 5022.2.2018 21:29 | Pressmeddelande
Aurora Solar Technologies Inc. / Aurora Solar Technologies Named to TSX Venture 50 . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement. NORTH VANCOUVER, British Columbia, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Aurora Solar Technologies Inc. ("Aurora")("Company")(TSX.V:ACU) (OTCBB:AACTF) (FSE:A82), a leader in inline measurement and control technology for the photovoltaic manufacturing industry, is pleased to announce that it has been named to the 2018 TSX Venture 50. The Venture 50 are the top ten companies listed on TSX Venture Exchange in each of five major industry sectors - mining, energy & energy services, clean technology & life sciences, diversified industries and technology - based on a ranking formula with equal weighting given to return on investment, market cap growth, trading volume and analyst coverage. All data was as of December 31, 2017. Michael Heaven, President, CEO, and Director of Aurora Solar T
CP Kelco Appoints Jennifer Aspen Mason as Sr. Vice President, Global Innovation22.2.2018 20:00 | Pressmeddelande
ATLANTA, Feb. 22, 2018 (GLOBE NEWSWIRE) -- CP Kelco, a leading global producer of specialty hydrocolloid solutions, announced today that Jennifer Aspen Mason has joined its Executive Leadership Team as Senior Vice President, Global Innovation, reporting directly to CP Kelco President Didier Viala. A global executive with more than 20 years of industry experience, Mason has an extensive background leading science organizations with Fortune 100 companies. Most recently, she spent more than five years with Mars, Incorporated, where she served as Technology and Science Strategy Officer for all Mars segments. In her new role, Mason is responsible for leading CP Kelco's global research and development (R&D) function, including strategic innovation imperatives to drive the company's long-term growth, as well as oversight of technical teams focused on new product innovation, process R&D and research. "We are truly delighted to welcome Jennifer to our team, and will surely benefit from her glob
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum