Key Developments: Molycorp Inc (MCP)
5.70USD
19 Jun 2013
$-0.02 (-0.35%)
$5.72
$5.69
$5.72
$5.66
78,021
8,197,334
$23.29
$4.70
Latest Key Developments (Source: Significant Developments)
Molibdenos Y Metales SA Reaches 20% Stake In Molycorp Inc
Molibdenos Y Metales SA announced that on January 25, 2013 it subscribed for 15,000,000 shares of Molycorp Inc, placed at a price of USD 6 per share. The total investment amounts to USD 90,000,000. As a result, Molibdenos y Metales SA has reached the amount of 32,050,700 shares of Molycorp Inc, which represents a 20% stake. Full Article
Molycorp Inc Lowers FY 2013 Revenue Guidance-Reuters
Reuters reported that due to lower rare earth prices, Molycorp Inc expects lower than expected revenue for fiscal 2013. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenues of $942 million for fiscal 2013. Full Article
Molycorp Inc CEO Resigns-Reuters
Reuters reported that Molycorp Inc said Chief Executive Mark Smith has quit, a month after the Company revealed that it was under investigation by U.S. securities regulators over the accuracy of its public disclosures. Molycorp said it was immediately undertaking a search for a permanent CEO. Full Article
Molycorp Inc Announces Close Of Offerings Of Convertible Senior Notes And Common Stock
Molycorp Inc announced the closing of its previously announced public offerings of $414 million aggregate principal amount (which includes the exercise by the underwriters in the offering of their $54 million over-allotment option in full) of its 6.00% Convertible Senior Notes due 2017 (the Notes Offering) and 12,000,000 shares of its common stock at a price per share of $10.00 (the Primary Shares Offering). Molycorp’s two shareholders, a number of directors, including President and Chief Executive Officer Mark A. Smith, and other Company executives invested in the offerings. The Company intends to use the net proceeds received from the Notes Offering and the Primary Shares Offering to fund operating expenses, working capital, capital expenditures, and other cash requirements, including without limitation, capital expenditures at its Mountain Pass facility and other capital projects. The Company used a portion of the net proceeds received from the Notes Offering and the Primary Shares Offering to make cash payments to certain holders of the 5% subordinated unsecured convertible debentures of Molycorp Minerals Canada ULC, the Company’s wholly-owned Canadian subsidiary. Full Article
Molibdenos y Metales SA Reaches 14% Stake In Molycorp Inc.
Molibdenos y Metales SA announced that on August 17, 2012 it subscribed for 4,500,000 shares of Molycorp Inc., placed at a price of USD 10 per share. The total investment amounts to USD 45,000,000. As a result, Molibdenos y Metales SA has reached the amount of 17,000,000 shares of Molycorp Inc., which represents a 14% stake. Full Article
Molycorp Inc Prices Offerings of Convertible Senior Notes and Common Stock
Molycorp Inc announced the pricing of its previously announced public offering of $360 million aggregate principal amount (or up to an aggregate of $414 million aggregate principal amount if the underwriters of such offering exercise their over-allotment option in full) of its 6% Convertible Senior Notes due 2017 and 12,000,000 shares of its common stock at a price per share of $10 in separate registered public offerings. The Company expects to close the Notes Offering and the Primary Shares Offering on August 22, 2012, subject to satisfaction of customary closing conditions. The Notes will be Molycorp's senior unsecured obligations and will bear interest at a rate of 6% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, commencing on March 1, 2013. The Notes will mature on September 1, 2017, unless earlier repurchased, redeemed or converted in accordance with their terms. The Company intends to use the net proceeds received from the Notes Offering and the Primary Shares Offering to fund operating expenses, working capital, capital expenditures and any other cash requirements for the remainder of 2012 and 2013, including without limitation, capital expenditures at its Mountain Pass facility and other capital projects, as well as other cash requirements such as cash payments in August 2012 to certain holders of the 5% subordinated unsecured convertible debentures of Molycorp Canada, the Company`s wholly-owned Canadian subsidiary. Full Article
Molycorp Inc Proposed Offerings Of Convertible Senior Notes
Molycorp Inc announced that it intends to offer and sell, subject to market and other conditions, $300 million aggregate principal amount (or up to an aggregate of $345 million aggregate principal amount if the underwriters of such offering exercise their over-allotment option in full) of its Convertible Senior Notes due 2017 (the Notes) (the Notes Offering) and $150 million of its common stock (the Common Stock) (or up to an aggregate of $172.5 million of Common Stock if Morgan Stanley & Co. LLC (Morgan Stanley), the underwriter of such offering, exercises its option to purchase additional shares of Common Stock in full) (the "Primary Shares Offering") in separate registered public offerings. The Company intends to use the net proceeds received from the Notes Offering and the Primary Shares Offering to fund operating expenses, working capital, capital expenditures and any other cash requirements for the remainder of 2012 and the first six months of 2013, including without limitation, capital expenditures at its Mountain Pass facility and other capital projects, as well as other cash requirements, such as cash payments in August 2012 to certain holders of the 5% subordinated unsecured convertible debentures of Molycorp Canada, the Company`s wholly-owned Canadian subsidiary. Full Article
Molycorp Inc Declares Preferred Dividend
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 September 1, 2012 to the holders of record of shares of Series A mandatory convertible preferred stock at the close of business on August 15, 2012. Full Article
Molycorp Inc Reaffirms FY 2012 Production Guidance-Conference Call
Molycorp Inc reaffirmed fiscal 2012 production guidance of 8000 to 10,000 metric tons of REO-equivalent across Mountain Pass, Silmet and Tolleson operating segments. Full Article
Molycorp Inc Announces Close Of Neo Materials Technologies Inc. Acquisition
Molycorp Inc announced that its acquisition of Canadian-based Neo Material Technologies Inc. has officially closed. Financial terms were not mentioned. Michael F. Doolan will become Executive Vice President and Chief Financial Officer (CFO) of Molycorp. James S. Allen will serve as Senior Vice President of Finance, and Treasurer, of Molycorp. Full Article
BRIEF-Molycorp shares up 5.7 pct in premarket trading
NEW YORK, May 14 - Molycorp Inc : * Shares up 5.7 percent in premarket trading
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