Key Developments: Molycorp Inc (MCP)

MCP on New York Consolidated

1.74USD
28 Aug 2014
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Latest Key Developments (Source: Significant Developments)

Molycorp, Inc announces auditor change - Form 8-K
Tuesday, 20 May 2014 04:38pm EDT 

Molycorp, Inc:Says on May 14, the board approved the appointment of KPMG LLP (Canada) (KPMG Canada) as new independent registered public accounting firm beginning with the review of the company’s financial statements for the quarter ending June 30.Says on May 14, it dismissal of PricewaterhouseCoopers LLP (Canada) (PwC Canada) as the company’s independent registered public accounting firm effective May 16.  Full Article

Molycorp Inc announces auditor change - Form 8-K
Friday, 21 Mar 2014 04:09pm EDT 

Molycorp Inc:Says on March 19, the board approved the appointment of PricewaterhouseCoopers LLP (Canada) as new independent registered public accounting firm.Says on March 19, it also approved the dismissal of PricewaterhouseCoopers LLP (U.S.) as independent registered public accounting firm effective March 19.  Full Article

Molycorp Inc gives H1 2014 production guidance - Conference Call
Tuesday, 4 Mar 2014 02:00pm EST 

Molycorp Inc:Anticipates production in the H1 2014 to be below the design capacity of 19,050 metric tons on an annualized basis.  Full Article

Molycorp Inc declares preferred dividend
Wednesday, 5 Feb 2014 04:01pm EST 

Molycorp Inc:Says it has elected to declare a cash dividend on outstanding shares of its 5.50 pct Series A mandatory convertible preferred stock in an amount equal to $1.375 per share.Says it will pay the dividend on Mar. 1, 2014 to the holders of record of shares of Series A mandatory convertible preferred stock at the close of business on Feb. 15, 2014.Says as of Feb. 1, 2014, there were a total of 2,070,000 shares of Series A mandatory convertible preferred stock outstanding.  Full Article

Molycorp Inc announces Chairman change - Form 8-K
Tuesday, 10 Dec 2013 04:20pm EST 

Molycorp Inc:Says on Dec. 10, the board, appointed Constantine Karayannopoulos, the current Vice Chairman of the Board, to serve as the Chairman of the board effective Dec. 19 upon Bhappu’s resignation from the board.  Full Article

Molycorp Inc Declares Preferred Dividend
Tuesday, 5 Nov 2013 04:02pm EST 

Molycorp, Inc announced that its Board of Directors has elected to declare a cash dividend on outstanding shares of its 5.50% Series A mandatory convertible preferred stock in an amount equal to $1.375 per share. Molycorp will pay the dividend on December 1, 2013 to the holders of record of shares of Series A mandatory convertible preferred stock at the close of business on November 15, 2013. As of November 1, 2013, there were a total of 2,070,000 shares of Series A mandatory convertible preferred stock outstanding.  Full Article

Molycorp Inc Announces Close Of Its Offering Of Common Stock
Monday, 21 Oct 2013 04:01pm EDT 

Molycorp, Inc (the Company) announced that the closing of its previously announced registered public offering of 51,750,000 shares of its common stock ("Shares"), which included the issuance of 6,750,000 Shares as a result of the underwriters' exercise in full of their option to purchase additional Shares in the Offering, at a price per share of $5.00 (the "Offering"). The Offering resulted in net proceeds to the Company, after estimated fees and expenses payable by the Company, of approximately $247.5 million. Molibdenos y Metales S.A. (Molymet), one of the Company's current stockholders, invested approximately $70 million in the Offering. The Company intends to use the net proceeds received from the Offering to fund current capital needs for capital expenditures and other cash requirements, including, without limitation, capital expenditures at its Mountain Pass, California facility.  Full Article

Molycorp Inc Prices Offering Of Common Stock
Tuesday, 15 Oct 2013 06:44pm EDT 

Molycorp Inc announced the pricing of its previously announced registered public offering of 45,000,000 shares of its common stock (the Common Stock) (or up to an aggregate of 51,750,000 shares of Common Stock if the underwriters of such offering exercise their option to purchase additional shares of Common Stock in full) at a price per share of $5.00 (the Offering). The Company expects to close the Offering on October 21, 2013, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds received from the Offering to fund current capital needs for capital expenditures and other cash requirements, including, without limitation, capital expenditures at its Mountain Pass, California facility. Morgan Stanley & Co. LLC, Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as joint bookrunners for the Offering. BNP Paribas Securities Corp., GMP Securities L.P., HSBC Securities (USA) Inc. and Wells Fargo Securities, LLC are acting as co-managers for the Offering. Moelis & Company LLC served as Molycorp's financial advisor and capital markets advisor for the Offering.  Full Article

Molycorp Inc Announces Proposed Offering of Common Stock
Tuesday, 15 Oct 2013 07:59am EDT 

Molycorp, Inc announced that it intends to offer and sell, subject to market and other conditions, up to $200,000,000 of its common stock (or up to an aggregate of $230,000,000 of Common Stock if the underwriters of such offering exercise their option to purchase additional shares of Common Stock in full) in a registered public offering. The Company intends to use the net proceeds received from the Offering to fund current capital needs for capital expenditures and other cash requirements, including, without limitation, capital expenditures at its Mountain Pass, California facility. Morgan Stanley & Co. LLC, Goldman, Sachs & Co. and J.P. Morgan Securities LLC will act as joint bookrunners for the Offering.  Full Article

Pomerantz Law Firm Files Class Action Against Molycorp Inc And Certain Officers
Friday, 11 Oct 2013 06:58pm EDT 

Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it has filed a class action lawsuit against Molycorp Inc and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 13 CIV 5697, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Molycorp between August 2, 2012 and August 7, 2013 both dates inclusive (the Class Period). The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company's reported inventory was materially understated; (2) the Company overstated its income tax benefit in the first quarter of 2013 by approximately $6.5 million; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.  Full Article

UPDATE 1-Rare earths producer Molycorp's stock jumps on financing

(Recasts with share price movement, more financial details, background)

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