Molibdenos y Metales buys 12.5 million shares at $31.20 apiece in deal
By Devika Patel
Knoxville, Tenn., Feb. 1 - Molycorp, Inc. said it has arranged a private placement of stock with Molibdenos y Metales SA to raise $390 million.
The company will sell 12.5 million common shares at $31.20 apiece to the investor. The price per share is a 0.71% premium to the Jan. 31 closing share price of $30.98 and also is based on the 20-day volume weighted average share price as of the close on Jan. 30, plus a 10% premium, the company said.
Proceeds will be used for general corporate purposes and future growth.
Greenwood Village, Colo.-based Molycorp is a producer of rare earth oxides.
| Issuer: | Molycorp, Inc.
|
| Issue: | Common stock
|
| Amount: | $390 million
|
| Shares: | 12.5 million
|
| Price: | $31.20
|
| Warrants: | No
|
| Investor: | Molibdenos y Metales SA
|
| Pricing date: | Feb. 1
|
| Stock symbol: | NYSE: MCP
|
| Stock price: | $30.98 at close Jan. 31
|
| Market capitalization: | $2.6 billion
|
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