Moly Mines: Final Approval Received for Hanlong Investment

Moly Mines Limited (TSX:MOL)(ASX:MOL) reported that the company has received confirmation from Hanlong Mining Investment Pty Ltd (Hanlong) that the final Chinese government approval has been received for Hanlong’s US$200 million equity and debt investment in Moly Mines.

The press release is quoted as saying:

At completion, Moly Mines will issue 207.1 million shares for US$140 million and 35.5 million project finance options to Hanlong. In addition to the US$140 million equity investment, Hanlong will also provide Moly Mines with a 10 year US$60 million working capital facility. The funding package will be used to repay the TCW Interim Financing Facility and provide the initial funding required to re- commence development activities for the Spinifex Ridge Molybdenum Project.

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