General Moly Inc. (AMEX: GMO)(TSX: GMO) announced the filing of a shelf
registration statement on Form S-3 with the Securities and Exchange
Commission (SEC) that, if declared effective by the SEC, would allow the
Company to sell, from time to time, up to $500 million of debt
securities, common stock, preferred stock, warrants, and/or units (“Securities”)
in one or more offerings. The Company is not required to offer or sell
all or any portion of the Securities under the shelf registration
statement and the shelf registration statement is intended to provide
the Company flexibility to raise funds from the offering of the
Securities, subject to market conditions and the Company’s
capital needs.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, “With
a consolidated cash balance of $118 million at quarter-end and $50
million that is scheduled to be contributed by POSCO by mid-year, we
have sufficient near-term liquidity to continue to optimize the
financing strategy for our world class Mt. Hope project. Although at the
current time we have no agreements in place for additional funding, we
will continue to actively pursue financing alternatives including
private transactions and credit enhancing transactions with commercial
banks, and strategic investors and partners. Clearly, having access to
public capital market alternatives increases our overall financial
flexibility and will allow us to take advantage of public capital market
opportunities as they may arise.”
The shelf registration statement has been filed with the SEC, but has
not yet become effective. The Securities may not be sold, nor may offers
to buy the Securities be accepted, under the shelf registration
statement prior to the time the shelf registration statement becomes
effective. This press release does not constitute an offer to sell the
Securities or the solicitation of an offer to buy the Securities, and
the Company will not sell the Securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Any offering may be made only by means of the
prospectus and a related prospectus supplement.
General Moly is a U.S.-based molybdenum mineral exploration and
development company listed on the American Stock Exchange and the
Toronto Stock Exchange under the symbol GMO. Our primary asset, our
interest in the Mt. Hope project located in central Nevada, is
considered one of the world's largest and highest grade molybdenum
deposits. Combined with our second molybdenum property, the Liberty
project (formerly the Hall-Tonopah project) that is also located in
central Nevada, our goal is to become the largest primary molybdenum
producer by the middle of the next decade. For more information on the
Company, please visit our website at http://www.generalmoly.com.
Forward-Looking Statements
Statements herein that are not historical facts, such as the possible
offer or sale of the Securities, are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995, and
involve a number of risks and uncertainties that could cause actual
results to differ materially from those projected, anticipated, expected
or implied. These risks and uncertainties include, but are not limited
to, requirements for additional capital and the possible sources of such
capital, fluctuations in the market price of, and demand for, molybdenum
and other metals, and the ability to obtain required permits and
approvals for the Company’s Mt. Hope or other
projects. For a more detailed discussion of risks and other factors that
may impact these forward looking statements please refer to the Risk
Factors and other discussion contained in the Company's periodic
reports, as the same are amended from time to time, on file with the
SEC. The Company undertakes no obligation to update forward-looking
statements.
