Elgin Mining Shareholders Overwhelmingly Approve Plan of Arrangement with Mandalay Resources
TORONTO, ON, September 3, 2014 – Mandalay Resources Corporation (TSX: MND) (“Mandalay”) is pleased to announce that at the Special Meeting of the Shareholders of Elgin Mining Inc. (TSX: ELG) (“Elgin Mining”) held earlier today, Elgin Mining received overwhelming approval for the resolution approving the plan of arrangement (the “Arrangement”) pursuant to which Mandalay will acquire all of the outstanding common shares of Elgin Mining.
Of the 96,049,017 votes cast, 95,874,017 (or 99.82%) voted in favour of the special resolution approving the Arrangement (and 93,126,351 of 93,301,351 (or 99.81%) of the minority votes cast).
Under the Arrangement, Elgin Mining shareholders will receive in exchange for each Elgin Mining share, consideration consisting of C$0.37 cash or 0.4111 of a Mandalay common share, subject to proration to a maximum of 50,000,000 shares and maximum of C$27 million cash.
Subject to the satisfaction or waiver of all remaining closing conditions, Mandalay currently expects the closing of the Arrangement to take place on or about September 10, 2014.
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