Moly Mines
Moly Mines (ASX/TSX:MOL), through it's 100% owned subsidiary Moly Metals Australia Pty Ltd, is the 100% owner of the Spinifex Ridge Molybdenum\Copper Project - the world's most advanced new primary molybdenum development project.
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Moly Mines progresses negotiations with Hanlong Mining Investment
Perth-based Moly Mines (ASX, TSX: MOL) is inching closer to an outcome with Hanlong Mining Investment for the provision of the US$500 million Project Finance Loan Facility for the Spinifex Ridge Molybdenum Project as described under the Hanlong Subscription Agreement.
In a statement, the company said it was also continuing negotiations with the Trust Company of the West (TCW) over the executive of a variation to the US$150 million Interim Finance Facility (the Restructure Agreement) which formalized the previously agreed Restructure Term Sheet.
The Restructure Agreement primarily describes the maturity allocation and repayment schedule for the balance of the debt owed by Moly Mines to TCW for which a Restructure Fee equal to 5.96 million warrants was due and payable to TCW.
The Restructure Agreement also contemplated the completion of the Subscription Agreement between Moly Mines and Hanlong Mining Investment dated 19 October 2009 - Hanlong Subscription Agreement.
TCW agreed to waive the Restructure Fee if the Interim Finance Facility was repaid by 15 February 2010.
Moly Mines and Hanlong have been in negotiations to extend the 31 January 2010 cut‐off date for the satisfaction of all conditions precedent under the Hanlong Subscription Agreement to accommodate for the delays caused by the Chinese New Year holidays.
There is only one outstanding People’s Republic of China approval required, that of the State Administration of Foreign Exchange with Hanlong already having received the approvals of the National Development Reform Commission and the Ministry of Commerce.
Moly Mines and Hanlong remain in negotiations to extend this cut‐off date.
Accordingly Moly Mines has issued the warrants comprising the Restructure Fee to TCW.
Other Moly Mines news
- Moly Mines gets Hanlong over the line as major shareholder
2010-04-23 - Moly Mines and Hanlong Mining inch closer to deal
2010-03-01 - Sichuan Hanlong Group given green light to invest $200 million in Moly Mines
2010-01-25 - Australia approves Sichuan Hanlong Group investment in Moly Mines
2009-11-19 - Australia approves Sichuan Hanlong Group investment in Moly Mines
2009-11-19
