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 thereby increasing the aggregate gross proceeds to West Face to $50,600,000.
Mandalay is a Canada-based mining company with operations in Australia, Chile and Sweden.
Mandalay was represented in Canada by Goodmans LLP with a team including Michael Partridge, Allan Goodman and Annabelle Gardère (corporate/securities) and Jarrett Freeman and Kenneth Saddington (tax); and in the United States by Troutman Sanders LLP with a team including Thomas Rose and Shona Smith (corporate/securities) and Amie Broder (US tax).
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); and in the United States by Paul, Weiss, Rifkind, Wharton & Garrison LLP with a team including Christopher Cummings and Emelia Baack (corporate/securities).
West Face was represented by Stikeman Elliott LLP with a team including John Ciardullo, Donald Belovich, Matthew Cameron, Ryan Kirvan and Christopher Yung (corporate/securities).