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Bloomberg reported that Molycorp Inc. will sell shares and convertible senior notes, valued at as much as $517.5 million, with the intention of using the proceeds to fund operating expenses, working capital and capital expenditures, including the construction of its mine in California.
Bloomberg reported that Molycorp Inc. will sell shares and convertible senior notes, valued at as much as $517.5 million, with the intention of using the proceeds to fund operating expenses, working capital and capital expenditures, including the construction of its mine in California.
As quoted in the report:
The company’s largest shareholders, Resource Capital Fund and Chile’s Molibdenos y Metales SA (MOLYMET), have agreed to buy $35 million and $25 million of stock respectively if Molycorp requests it, Molycorp said in a filing. Molycorp won’t request the purchase if the offering of convertible notes is successful, according to a separate filing.