- Mandalay Resources (OTCQB: MNDJF) has received approval from the Australian Foreign Investment Review Board (FIRB) for its proposed merger with Alkane Resources.
- The Supreme Court of British Columbia granted an interim order for a special shareholder meeting on July 28, 2025.
- The merger, aimed at creating a diversified mid-tier gold and antimony producer, is expected to close in early August 2025.
Mandalay Resources Corporation (OTCQB: MNDJF) is advancing its merger with Alkane Resources after securing approval from the Australian Foreign Investment Review Board (FIRB). This approval marks the final regulatory hurdle for the merger, scheduled to be completed in early August 2025, pending shareholder approvals and a final court order.
The Supreme Court of British Columbia has granted an interim order, setting the stage for a special shareholder meeting on July 28, 2025. At this meeting, Mandalay's shareholders will vote on the merger, which has been unanimously recommended by the company's board of directors. The Board strongly encourages shareholders to approve the transaction, highlighting the merger's potential to enhance scale and financial strength.
The merger aims to position the combined entity as a diversified mid-tier producer of gold and antimony, leveraging increased scale and financial robustness to enhance shareholder value. The management information circular and related meeting materials are set to be distributed to beneficial shareholders on July 7, 2025, providing additional details of the proposed merger.
Frazer Bourchier, President and CEO of Mandalay Resources, stated, "With all regulatory approvals in hand and the Circular filed, we’re looking forward to completing the Transaction and forming a new, diversified mid-tier gold and antimony producer. We believe that the enhanced scale and financial strength of the combined company will provide a strong foundation to unlock shareholder value."
As Mandalay prepares for the upcoming shareholder meeting, critical steps remain, including the final court order and shareholder approvals from both companies. The transaction's expected closure in early August 2025 is contingent upon these approvals and the satisfaction of customary closing conditions.
