Mandalay Secures Australian FIRB Approval for Alkane Merger
Deal News | Jun 27, 2025 | Globenewswire
Mandalay Resources Corporation has achieved a significant milestone in its proposed merger with Alkane Resources Limited by securing approval from the Australian Foreign Investment Review Board (FIRB). Announced on June 26, 2025, this approval was the last regulatory hurdle under the arrangement agreement. The intermediate step marks an important phase as Mandalay moves toward a merger with Alkane to form a diversified mid-tier gold and antimony producer. The Supreme Court of British Columbia recently issued an interim order that enables Mandalay to organize a special meeting on July 28, 2025, where shareholders will vote on the transaction. Additionally, the management information circular is scheduled for distribution to shareholders on July 7, 2025. This merger has received unanimous approval from Mandalay's board of directors, who urge shareholders to support the initiative. Mandalay CEO Frazer Bourchier anticipates that the merger will bolster the company's financial standing, creating value for shareholders and enhancing its market presence. The completion of the merger is expected by early August 2025, pending shareholder approvals and customary closing conditions.
Sectors
- Mining
- Financial Services
Geography
- Australia – The involvement of the Australian Foreign Investment Review Board (FIRB) approval plays a crucial role in this merger transaction.
- Canada – Mandalay Resources Corporation is a Canadian-based company, highlighting its geographical connection to Canada.
Industry
- Mining – The article discusses the merger of two mining companies, Mandalay Resources Corporation and Alkane Resources Limited, which are primarily involved in the extraction and production of gold and antimony.
- Financial Services – The merger involves significant financial transactions and regulatory approvals, including the necessary approval from the Australian Foreign Investment Review Board and the requirements for shareholder meeting and voting, aligning with the financial services sector in terms of M&A advisory and transaction structuring.
Financials
- Not Specified – The article does not specify the financial terms of the merger or any other monetary figures related to the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Mandalay Resources Corporation | Target Company | Company | A Canadian-based natural resource company with producing assets in Australia and Sweden, focused on gold and antimony production. |
| Alkane Resources Limited | Bidding Company | Company | An Australian company involved in the resources sector, planning to acquire Mandalay Resources Corporation. |
| Australian Foreign Investment Review Board (FIRB) | Regulatory Authority | Government | The Australian government authority providing approval for foreign investments within Australia. |
| Supreme Court of British Columbia | Judicial Authority | Government | Provided an interim order authorizing Mandalay to conduct a shareholders' meeting relevant to the merger. |
| Frazer Bourchier | President and CEO of Mandalay Resources | Person | Leading the strategic direction for the merger and advocating its benefits to shareholders. |