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Alkane gains FIRB approval, ASIC relief for Mandalay deal

27th June 2025

By: Creamer Media Reporter

     

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Australia's Alkane Resources has cleared two key regulatory hurdles in its planned acquisition of Canada's Mandalay Resources, securing approval from Australia’s Foreign Investment Review Board (FIRB) and receiving disclosure relief from the corporate regulator.

The approvals mark important steps toward the completion of the all-share deal, under which Alkane will acquire all issued and outstanding common shares of Mandalay through a statutory plan of arrangement under British Columbia’s Business Corporations Act.

On Thursday, FIRB confirmed that the Australian government had “no objection” to the proposed transaction under the Foreign Acquisitions and Takeovers Act. The FIRB sign-off satisfies one of the key conditions in the arrangement agreement signed between the two companies in April.

In addition, Alkane secured relief from the Australian Securities and Investments Commission (ASIC) from certain disclosure requirements under the Corporations Act. This means Mandalay shareholders who receive Alkane shares through the transaction may trade them freely in Australia – including on the ASX – without further disclosure obligations.

The transaction has been unanimously approved by the boards of directors of Mandalay and Alkane. Both boards unanimously recommend that their respective shareholders vote in favour of the transaction.

Shareholder votes on the proposed deal are scheduled for July 28.

Edited by Creamer Media Reporter

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