TORONTO, Jan. 16,
2023 /PRNewswire/ - Mandalay Resources
Corporation ("Mandalay" or "the Company") (TSX: MND) (OTCQB: MNDJF)
announced today that the Toronto Stock Exchange (the "TSX")
has approved its notice of intention to make a normal course issuer
bid ("NCIB") for a portion of its common shares ("Common
Shares"). The NCIB will be made in accordance with the
requirements of the TSX. Mandalay may begin to purchase Common
Shares on or about January 18,
2023.
As of January 13, 2023, Mandalay
had 92,456,701 Common Shares issued and outstanding. Pursuant to
the NCIB, Mandalay is permitted to acquire up to 4,622,835 Common
Shares in the 12-month period commencing January 18, 2023, and ending on January 17, 2024, which represents 5% of the
issued and outstanding Common Shares as of January
13, 2023. Purchases under the NCIB will be made by
Mandalay through the facilities of the TSX and alternative Canadian
trading systems. The price that Mandalay will pay for any Common
Shares will be the market price of such Common Shares at the time
of acquisition. Pursuant to the TSX rules, the maximum number of
Common Shares that may be purchased during the same trading day is
6,723 Common Shares, subject to Mandalay's ability to make a
one-block purchase of the Common Shares per calendar week that
exceed such limit.
Mandalay has entered into an engagement letter and automatic
securities purchase plan with BMO Nesbitt Burns Inc. to execute and
facilitate purchases of Common Shares under the NCIB in a
systematic manner based upon predetermined criteria on an automatic
basis regardless of whether the Company may, subsequent to adopting
the NCIB, be in possession of material non-public information. Any
Common Shares that are purchased under the NCIB will be cancelled
upon their purchase by Mandalay. The Company will fund purchases of
Common Shares through surplus cash available from its
operations.
About Mandalay Resources
Corporation:
Mandalay Resources is a Canadian-based natural resource company
with producing assets in Australia
(Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is
focused on growing its production and reducing costs to generate
significant positive cashflow. Mandalay is committed to operating
safely and in an environmentally responsible manner, while
developing a high level of community and employee engagement.
Mandalay's mission is to create shareholder value through the
profitable operation and continuing the regional exploration
program, at both its Costerfield and Björkdal mines. Currently, the
Company's main objectives are to continue mining the high-grade
Youle vein at Costerfield, bring online the deeper Shepherd veins,
both of which will continue to supply high-grade ore to the
processing plant, and to extend Youle Mineral Reserves. At
Björkdal, the Company will aim to increase production from the
Aurora zone and other higher-grade areas in the coming years, in
order to maximize profit margins from the mine.
Forward-Looking
Statements:
This news release contains "forward-looking statements"
within the meaning of applicable securities laws, including
statements regarding the proposed normal course issuer bid. There
is no assurance that the proposed normal course issuer bid will be
completed on the terms set out in this press release or at all.
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, 2022, 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.
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SOURCE Mandalay Resources Corporation