18/10/2006 - 15:43

Moly Mines to raise $18m on TSX

18/10/2006 - 15:43

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Subiaco-based Moly Mines is planning to raise $18.4 million through an initial public offering on the Toronto Stcok Exchange to support development of its $622 million Spinifiex Ridge molybdenum project.

Moly Mines to raise $18m on TSX

Subiaco-based Moly Mines is planning to raise $18.4 million through an initial public offering on the Toronto Stcok Exchange to support development of its $622 million Spinifiex Ridge molybdenum project.

Moly managing direcrtor Derek Fisher announced plans to list on the TSX, which has become the major global market for mining capital, last month.

At that time, the company raised $2 million through a placement to Canadian investors.

 

A copy of the company's latest announcement is pasted below:

 

MOLY MINES PRICES TSX IPO ISSUE

 

Moly Mines Limited (ASX Code: MOL) is pleased to advise that pricing has been determined for the proposed offering of common shares in the Company for the IPO issue associated with listing on the Toronto Stock Exchange (TSX).
Moly Mines will offer 15,000,000 shares at a price of Can$1.05 (Aus$1.22) per share for gross proceeds of C$15.75 or Aus$18.4 million.
A final prospectus will shortly be lodged with the Ontario Securities Commission.
The offering is being conducted through a syndicate of agents led by Paradigm Capital Inc, and including Haywood Securities Inc and Wellington West Capital Markets of Toronto.
The Toronto Stock Exchange has given conditional approval for the listing of the Company's shares subject to the Company raising a minimum of Can$15 million.
The placement represents a 12% discount to the weighted average price of the Company's securities over the last 5 days that the Company's securities traded on the ASX.
The Company has just completed a two week road-show through North America and Europe with the book-build for the issue expected to be completed in the next couple of days and the offering to close on or about October 20, 2006.
The issue of shares is expected to occur before the end of October with listing and trading on the TSX shortly thereafter.
The funds raised from the TSX IPO will be used to complete the Spinifex Ridge Molybdenum Project Bankable Feasibility Study.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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