01:55 PM EDT, 07/28/2025 (MT Newswires) -- Mandalay Resources ( MNDJF ) on Monday said its shareholders "overwhelmingly" approved a special resolution authorizing the com[any's sale to Alkane Resources will indirectly, buy all the shares of Mandalay, at a special meeting of Mandalay shareholders held earlier on Monday.

The company said Alkane shareholders also approved the issuance of the ordinary shares as consideration to Mandalay shareholders, under the deal.

Mandalay shareholders will receive 7.875 shares of Alkane for each Mandalay share.

Mandalay will seek a final order of the Supreme Court of British Columbia to approve the arrangement, expected to be completed on August 5, at a hearing to be held on August 1.

"This transformative transaction will create a powerful, dual ASX and TSX listed gold and antimony producer operating in tier-one jurisdictions and poised for growth," said Mandalay Chief Executive Frazer Bourchier.

Shares of Mandalay were last seen down $0.105 to $4.815 on the Toronto Stock Exchange.

Price: 4.82, Change: -0.11, Percent Change: -2.13