TORONTO, ONTARIO--(Marketwire - May 4, 2011) - West Face Capital Inc. ("WFCI"), announced today that it exercised 45,454,545 warrants of Mandalay Resources Corporation (the "Issuer") held by West Face Long Term Opportunities Global Master L.P. ("GMLP"), a fund managed by WFCI, to acquire common shares of the Issuer at an exercise price of $0.33 per share. As a result, GMLP owns and WFCI controls 116,883,045 common shares of the Issuer and 25,973,955 warrants to acquire common shares of the Issuer.
WFCI's and GMLP's security holding percentage calculated in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues is approximately 49.3%.
The securities of the Issuer were acquired for investment purposes only. WFCI and GMLP may in the future acquire or dispose of the common shares and warrants or other securities of the Issuer or related financial instruments in the open market or in privately negotiated purchases or otherwise, in each case to the extent then permitted by applicable law and regulation.
Additional information is provided in the early warning report filed on www.sedar.com.
West Face Capital Inc. is a Canadian-based investment management firm with assets under management of over $1.8 billion.
For further information or a copy of the early warning report please contact:
Alexander A. Singh
Counsel & Secretary
West Face Capital Inc.
2 Bloor Street East, Suite 810
Toronto, ON M4W 1A8
Tel: (647) 724-8900
Contact Information:
Alexander A. Singh
Counsel & Secretary
(647) 724-8900