VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/03/14 -- Elgin Mining Inc. ("Elgin Mining" or the "Company") (TSX: ELG) is pleased to announce that at the Special Meeting of the Shareholders (the "Meeting") held earlier today, Elgin Mining received overwhelming approval for the plan of arrangement (the "Arrangement") pursuant to which Mandalay Resources Corporation ("Mandalay") (TSX: MND) will acquire all of the outstanding common shares of Elgin Mining.
Of the votes cast, 99.82% of Elgin Mining shareholders and 99.81% of the minority Elgin Mining shareholders voted in favour of the special resolution approving the Arrangement. Under the Arrangement, Elgin Mining shareholders will receive in exchange for each Elgin Mining Share, consideration consisting of C$0.37 cash or 0.4111 of a Mandalay common share, subject to pro-ration.
Elgin Mining Inc.
Elgin Mining is a Canadian based company focused on production at the Bjorkdal gold mine in Sweden. In addition, Elgin Mining's portfolio includes the Lupin and Ulu gold projects located in Nunavut, Canada.
For further information, please visit the Company's web site at www.elginmining.com.