|Date Announced:||August 14, 2014|
|Date Closed:||September 09, 2014|
|Client Name:||BMO Capital Markets|
Mandalay Resources Corporation and a fund advised by West Face Capital Inc. completed a secondary offering by West Face of 40,000,000 common shares of Mandalay at a price of $1.10 per common share for gross proceeds to West Face of $44,000,000.
The offering was completed on a bought deal basis and was underwritten by BMO Capital Markets. The underwriter also exercised its over-allotment option in full, resulting in the purchase of an additional 6,000,000 common shares at the offering price and thereby increasing the aggregate gross proceeds to West Face to $50,600,000.
Mandalay is a Canadian-based mining company with operations in Australia, Chile and Sweden.
BMO Capital Markets was represented in Canada by Bennett Jones LLP with a team including James Clare, Jonathan Ip and Ian Minz (corporate/securities) and Thomas Bauer (tax).