West Perth-based Moly Mines Ltd has raised $20 million through its IPO on the Toronto Stock Exchange.
The full text of a company announcement is pasted below
Moly Mines Limited ("Moly Mines" or the "Company") (ASX: MOL, TSX: MOL) is pleased to announce that it has successfully completed its initial public offering (the "IPO") of 16,500,000 ordinary shares (the "Ordinary Shares") on the Toronto Stock Exchange ("TSX"). The Ordinary Shares were issued pursuant the final TSX prospectus of the Company dated October 20, 2006 ("the Prospectus") and were issued at a price of C$1.05 (approximately A$1.22) each, for total gross proceeds of C$17,325,000 (A$20 million).
The Ordinary Shares began trading on 27 October 2006 on the TSX under the symbol "MOL."
Paradigm Capital Inc. acted as lead agent in a syndicate which also included Haywood Securities Inc. and Wellington West Capital Markets Inc.
The IPO included 15 million Ordinary Shares originally contemplated under the Prospectus, and an additional 1.5 million Ordinary Shares representing a full exercise of the over-allotment option granted to the syndicate of agents.
The Company will be using the proceeds of the offering primarily for the completion of the bankable feasibility study and advancement of the Spinifex Ridge molybdenum project in Western Australia.
