Mandalong Resources Limited (Mandalong or the Company) was incorporated on 29 March 2012 with the express purpose of establishing a minerals exploration and development company.
On 7 September 2012 the Company issued a prospectus for an offer of 10,000,000 shares at an issue price of $0.20 per Share to raise $2,000,000 offer. Oversubscriptions of up to a further 5,000,000 shares at an issue price of $0.20 per share to raise up to a further $1,000,000 may be accepted. It is intended that proceeds raised under the Offer will be used to advance the Bethanga Project and to assess additional acquisition opportunities to increase shareholder value.
The Company has entered into an agreement pursuant to which it has acquired initial 20% interest in the Bethanga Project (Acquisition Agreement). The Bethanga Project is located in north eastern Victoria, approximately 15 kilometres east of Albury. Pursuant to the Acquisition Agreement, the Company has the right to earn a further 70% interest (for a total 90% interest) in the Bethanga Project. A summary of the Acquisition Agreement is contained in Section 11.1 of the Prospectus.
The Company proposes to complete geological mapping and surface sampling, followed by a mix of geophysical surveys and aircore/RC drilling to test known targets as well as anomalies defined through the geophysical surveys.
A summary of the Bethanga Project is set out in Section 5.1 of the Prospectus and more detailed information is included in the Independent Geologist’s Report in Section 7 of the Prospectus.