GlobeNewswire

Mandalay Resources Corporation Provides Update on Repurchase Offer and Consent Solicitation in Respect of 5.875% Secured Exchangeable Bonds

Dela

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  • the Repurchase has been withdrawn; and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

Om

GlobeNewswire



Följ GlobeNewswire

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från GlobeNewswire

Iconovo: kundprojekt blir framflyttat tre till sex månader8.11.2018 15:45Pressmeddelande

Fortsatt arbete med ett av Iconovos pågående kundprojekt kommer att flyttas fram tre till sex månader. Projektet avser utveckling av produkt anpassad för kund som ska svara för produktion och marknadslansering. Det aktuella arbetet var planerat att ske under fjärde kvartalet men beräknas ske under nästa år, och detta påverkar Iconovos omsättning under 2018 negativt med cirka 2 miljoner kronor. Orsaken är att kunden har beslutat att genomföra en mindre klinisk studie för att verifiera produkten innan nästa steg tas vilken omfattar investeringar i betydande mångmiljonbelopp i produktionskapacitet, baserat på Iconovos utveckling. Studien görs för kundens egna räkning och är inte villkorad av tillsynsmyndigheter. "Detta påverkar vårt resultat på kort sikt, men det faktum att kunden har beslutat att göra en betydande investering i faktisk produktion betyder att vi med stor säkerhet kan se fram emot licensintäkter under en lång tidsrymd framöver i samband med att produkten lanseras på markna

Stillfront Group AB: Inbjudan till Stillfront Groups kvartalsrapport för tredje kvartalet 20187.11.2018 14:34Pressmeddelande

PRESSMEDDELANDE 7 november 2018 Inbjudan till Stillfront Groups kvartalsrapport för tredje kvartalet 2018 Stillfront Groups kvartalsrapport för det tredje kvartalet 2018 kommer att publiceras klockan 07.00 den 22 november 2018. En webbsänd telefonkonferens kommer att hållas klockan 10.00 samma dag där Jörgen Larsson, VD och Sten Wranne, CFO, kommenterar resultatet. Presentationen och rapporten kommer efter presentationen att finnas tillgänglig på www.stillfront.com Webbsändningen nås på adressen: https://tv.streamfabriken.com/stillfront-q3-2018 För att delta via telefon, vänligen ring: SE: +46 8 566 426 63 UK: +44 20 300 898 01 US: +1 8 557 532 235 FÖR YTTERLIGARE INFORMATION, VÄNLIGEN KONTAKTA: Sofia Wretman, IR Phone: +46 708 11 64 30 sofia@stillfront.com OM STILLFRONT Stillfront är en oberoende utvecklare, förläggare och distributör av digitala spel - med visionen att bli en ledande indie-spelutvecklare och förläggare. Stillfront är verksamt genom tio näst intill självständiga dotte

Stillfront Group AB: Invitation to Stillfront Group Q3 presentation7.11.2018 14:34Pressmeddelande

Invitation to Stillfront Group Q3 presentation Stillfront Group interim report for the third quarter 2018 will be published at 07.00 CET on 22 November 2018. A presentation of the report will be held the same day at 10.00 CET via telephone conference or audiocast where Jörgen Larsson, CEO and CFO Sten Wranne are to comment on the report. The presentation can be viewed live at https://tv.streamfabriken.com/stillfront-q3-2018 To participate via phone please call: SE: +46 8 566 426 63 UK: +44 20 300 898 01 US: +1 8 557 532 235 FOR FURTHER INFORMATION, PLEASE CONTACT: Sofia Wretman, IR Phone: +46 708 11 64 30 sofia@stillfront.com ABOUT STILLFRONT Stillfront is a group of independent creators, publishers and distributors of digital games - with a vision to become the leading group of indie game creators and publishers. Stillfront operates through ten near-autonomous subsidiaries: Bytro Labs in Germany, Coldwood Interactive in Sweden, Power Challenge in the UK and Sweden, Dorado Online Games

Modus Therapeutics announces FDA Acceptance of Sevuparin IND for the treatment of sickle cell disease7.11.2018 08:30Pressmeddelande

STOCKHOLM, November 7, 2018. Karolinska Development's portfolio company Modus Therapeutics announces today that the U.S Food & Drug Administration (FDA) has approved the company's Investigational New Drug (IND) application to initiate a Phase I clinical trial with subcutaneous sevuparin for the treatment of sickle cell disease (SCD) FDA has decided to accept Modus Therapeutics' IND application of sevuparin for the treatment of SCD. Sevuparin is an innovative, proprietary modified polysaccharide drug with anti-adhesive, anti-aggregate and anti-inflammatory effects due to its multimodal mechanism of action. It has the potential to restore blood flow and prevent further microvascular obstructions in children and adults with SCD. At present, sevuparin is being evaluated as an intravenous infusion in a Phase II study in SCD patients with ongoing painful crises (also called vaso occlusive crises, VOC). In order to broaden the clinical scope and utility of sevuparin in the treatment of SCD, t

Modus Therapeutics announces FDA Acceptance of Sevuparin IND for the treatment of sickle cell disease7.11.2018 08:30Pressmeddelande

STOCKHOLM, November 7, 2018. Karolinska Development's portfolio company Modus Therapeutics announces today that the U.S Food & Drug Administration (FDA) has approved the company's Investigational New Drug (IND) application to initiate a Phase I clinical trial with subcutaneous sevuparin for the treatment of sickle cell disease (SCD) FDA has decided to accept Modus Therapeutics' IND application of sevuparin for the treatment of SCD. Sevuparin is an innovative, proprietary modified polysaccharide drug with anti-adhesive, anti-aggregate and anti-inflammatory effects due to its multimodal mechanism of action. It has the potential to restore blood flow and prevent further microvascular obstructions in children and adults with SCD. At present, sevuparin is being evaluated as an intravenous infusion in a Phase II study in SCD patients with ongoing painful crises (also called vaso occlusive crises, VOC). In order to broaden the clinical scope and utility of sevuparin in the treatment of SCD, t

Oboya participates in China International Import Expo1.11.2018 15:00Pressmeddelande

Newsletter Lerum, 1th November 2018 Oboya Horticulture Industries AB (publ) ("Oboya"), a global manufacturer and supplier of products and services for the cultivation industry, will participate in China International Import Expo in Shanghai, China. China International Import Expo (CIIE) is a six-day fair held from November 5 to November 10, 2018 at the National Convention & Exhibition Center in Shanghai, China. This fair brings together companies, exhibitors and professional buyers from all over the world. The fair creates new channels for companies from different countries and regions and provides the opportunity to do business, strengthen cooperation and promote trade. Oboya's strategy is to work globally in the various markets in the cultivation and flower industry, which it's important for Oboya to participate in the major trade shows. Oboya has its own booth at the fair and will show/marketing the European cultivation products and technology to the Chinese market. The purpose of t

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum