ENP Newswire -
Release date- 15082014 -
West Face has granted the Underwriter an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 6,000,000 Common Shares to cover over allotments, if any, and for market stabilization purposes. The maximum gross proceeds of the offering will be
West Face is Company's largest shareholder and currently owns approximately 40.1% of the Company's issued and outstanding Common Shares. Following the closing of the offering, West Face will continue to hold 96,987,938 common shares of the Company, representing approximately 28.4% of the outstanding shares. If the over-allotment option is exercised in full, West Face will hold 90,987,938 common shares of the Company, representing approximately 26.6% of the outstanding shares.
'West Face has been a significant shareholder of Mandalay since 2010, and we have been very pleased with our investment,' said
The Common Shares will be offered by way of a short form prospectus in all of the provinces and territories of
This news release contains 'forward-looking statements' within the meaning of applicable securities laws, including statements related to the terms and timing of the offering (including the over-allotment option) and West Face's analysis and expectations in respect of its investment in Mandalay. Readers are cautioned not to place undue reliance on forward-looking statements. 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
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.
OCTOBER 31, 2014
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