West Face Capital Inc.

April 10, 2012 15:51 ET

West Face Capital Inc. Exercises Warrants of Mandalay Resources Corporation

TORONTO, ONTARIO--(Marketwire - April 10, 2012) - West Face Capital Inc. ("West Face"), announced today that it exercised 12,000,000 warrants of Mandalay Resources Corporation (the "Issuer") held by West Face Long Term Opportunities Global Master L.P. ("GMLP"), a fund managed by West Face, to acquire common shares of the Issuer at an exercise price of $0.33 per share. As a result, GMLP owns and West Face controls 128,883,045 common shares of the Issuer and 13,973,955 warrants to acquire common shares of the Issuer.

West Face's and GMLP's securityholding percentage calculated in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues is approximately 48.2%.

The securities of the Issuer referred to above were acquired by West Face on behalf of GMLP for investment purposes. West Face expects to review from time to time the investment of GMLP in the Issuer and may, depending on the market and other conditions: (i) acquire additional securities, options or related derivatives in the open market, in privately negotiated transactions or otherwise, and (ii) dispose of all or a portion of the securities, options or related derivatives over which it now or hereafter exercises, or may be deemed to exercise, control or direction.

The issuance of this news release is not an admission that any entity named herein owns or controls any described securities or is a joint actor with another named entity.

Additional information is provided in the early warning report filed on www.sedar.com by West Face.

West Face Capital Inc. is a Canada-based investment management firm with assets under management of over $2.6 billion.

For further information or a copy of the early warning report please contact:

Alexander A. Singh
General Counsel & Secretary
West Face Capital Inc.
2 Bloor Street East, Suite 810
Toronto, ON M4W 1A8
Tel: (647) 724-8900

Contact Information

  • West Face Capital Inc.
    Alexander A. Singh
    General Counsel & Secretary,
    (647) 724-8900