Moly Mines is an ASX and TSX listed resources company focusing on the development of base metals projects including the world class Spinifex Ridge Molybdenum Project.
Spinifex Ridge is the worlds leading undeveloped primary molybdenum deposit and is ready for financing. All material development approvals have been received and construction of many of the major long lead items is nearing completion.
In March 2004 Moly Mines acquired its initial interest in the Spinifex Ridge Molybdenum Project and in May 2006 completed the 100% acquisition of the project.
Since listing on the ASX, the company has successfully conducted a number of financings to the benefit of shareholders that have contributed to the development of the Spinifex Ridge Molybdenum Project. They are highlighted by:
- A$18.9 million via a private placement at A$1.40 per share
- C$17.3 million via the TSX IPO at C$1.05 per share
- Sale of the company’s gold properties to the ASX listed Cortona Resources Limited for A$5 million cash, 12 million ordinary shares, 8 million A$0.35 options and a further A$4 million and A$8 million A$0.50 options upon the dedication of a 1 million ounce resource
- C$22.5 million via bought deal financing at A$3.00 per share in March 2007
- A$88 million via a private placement at A$4.00 per share
- US$150 million Interim Debt Financing
A definitive feasibility study for the Spinifex Ridge Molybdenum Project was completed in September 2007.
In October 2008, Moly Mines completed a bridge financing facility of US$150 million for the Spinifex Ridge Molybdenum Project in the first step toward full project funding.
At 31 December 2008, Moly Mines had the following capital structure:
- Ordinary Shares: 86,191,677
- Options: 11,860,000
- Warrants: 17,874,118
