Mandalay Resources Corp Down 2.5%, But Off Day Lows as Announces Exercise of Warrants by West Face Capital
Mandalay Resources Corporation (MND.TO) is down 2 cents or 2.5% at 75 cents - but at least is off a day low 69 cents - after announcing today that West Face Capital Inc. has exercised 45,454,545 of its 71,428,500 common share purchase warrants, providing Mandalay with proceeds of C$14,999,999.85.
The warrants were exercised approximately 15 months early at a price of C$0.33 per share. Concurrently with the exercise of these warrants, the company's board of directors has authorized the use of virtually all of the proceeds to purchase gold and silver puts to provide downside price protection for its expected 2012 gold and silver production, and substantially protect its expected 2012 cash flow.
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