Mandalay Receives FIRB Approval for Proposed Merger with Alkane

Deal News | Jun 28, 2025 | Globenewswire

Mandalay Resources Corporation has announced that it has received approval from the Australian Foreign Investment Review Board (FIRB) for its proposed merger with Alkane Resources Limited. This approval marks the final governmental consent required under the arrangement agreement dated April 27, 2025, pursuant to which Alkane will acquire all issued and outstanding common shares of Mandalay. Additionally, the Supreme Court of British Columbia has issued an interim order to facilitate the shareholders' meeting scheduled for July 28, 2025, where Mandalay shareholders will vote on the transaction. The transaction awaits further approvals from shareholders and a final court order, with completion expected in early August 2025. The merger aims to create a mid-tier producer of gold and antimony, enhancing financial strength and shareholder value.

Sectors

Mining and Metals
Corporate Finance

Geography

Canada – Mandalay Resources Corporation is based in Canada and the legal proceedings are taking place under British Columbia law.
Australia – The Australian Foreign Investment Review Board has granted approval, and Alkane Resources Limited, the acquiring company, is based in Australia.

Industry

Mining and Metals – The article discusses the merger of two companies involved in mining and resources, specifically gold and antimony production.
Corporate Finance – The article involves a significant M&A transaction requiring regulatory approvals, signifying the involvement of corporate finance activities.

Financials

Not Disclosed – The financial terms of the acquisition or merger transaction between Mandalay and Alkane were not disclosed in the article.

Participants

Name	Role	Type	Description
Mandalay Resources Corporation	Target Company	Company	A Canadian natural resource company with mining operations focused on gold and antimony.
Alkane Resources Limited	Bidding Company	Company	An Australian mining company engaged in acquiring Mandalay Resources Corporation.
Australian Foreign Investment Review Board	Regulatory Body	Government	Australian governmental authority responsible for reviewing foreign investments for compliance and approval.
Supreme Court of British Columbia	Judicial Authority	Government	The court providing legal facilitation for the proposed transaction’s arrangement procedure.