Western Coal Completes Sale of AGD Mining
In consideration for all of the issued and outstanding ordinary shares of AGD and the intercompany loans, Western received (i) 44 million common shares of Mandalay at a price of
Western has granted a group of private placement investors, some of who are related parties to Western, an option expiring
Currently, Western owns 44 million common shares of Mandalay which represents approximately 46.6% of Mandalay’s total common shares outstanding. If all the warrants are exercised, and if all the options that Western has granted are exercised, Western would have received
Western owns approximately 18% of Arcourt Resources NL (“Arcourt”), a private holding company. Arcourt owns approximately 10.1 million shares of Mandalay or approximately 10.7%.
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires an early warning report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters.
Mandalay Resources is a Canadian-based natural resource company with assets in-production. The Company is focused on executing a roll-up strategy which involves aggregation of gold and copper projects, creating critical mass through the acquisition of near-term or in-production assets in
Western is a producer of high quality metallurgical and thermal coal from mines located in northeast
SOURCE Western Coal Corp.