TORONTO, July 3, 2013 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) announced today an amendment (the "Amendment") to its secured revolving credit facility effective June 28, 2013. The Company's revolving credit facility, arranged by BMO Capital Markets, was originally entered into by the Company on May 30, 2012 (see Mandalay press release dated June 8, 2012), and was previously amended on May 30, 2013 ("the Facility").
Under the Amendment, the Facility's credit limit has been increased from US$20 million to US$30 million up to and including June 30, 2014 and will reduce back down to US$20 million thereafter. In addition, the maturity date of the Facility has been extended to June 30, 2015.
Brad Mills, Chief Executive Officer of Mandalay, commented: "The additional US$10 million provided by the Amendment gives the Company increased flexibility. The Company expects to use the Facility for general corporate purposes, including the funding of permitted acquisitions."
About Mandalay Resources Corporation
Mandalay Resources is a Canadian-based natural resource company with producing and exploration assets in Australia and Chile. The Company is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia and the Americas to generate near-term cash flow and shareholder value.
This news release contains "forward-looking statements" within the meaning of applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading "Risk Factors" in Mandalay's annual information form dated March 27, 2013, a copy of which is available under Mandalay's profile at www.sedar.com. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE Mandalay Resources Corporation