It is reported that Perth based molybdenum company Moly Mines has successfully completed a CAD 31.5 million equity offering. A total of 42 million units were issued at a price of CAD 0.75 per unit.

A unit consists of one ordinary share in the capital of the company and one third of one ordinary share purchase warrant. Shares and warrants were allotted on October 30th 2009. Each full warrant is exercisable for one ordinary share in the capital of the company at an exercise price of USD 1 per share for a period of 36 months following closing of the offering, being October 30th 2012.

The offering was conducted by a syndicate of agents led by Paradigm Capital Inc and included GMP Securities LP. In addition, the StoneBridge Group Limited undertook a private placement of the Units in certain jurisdictions in Australia.

Moly Mines, through its 100% owned subsidiary Moly Metals Australia Pty Limited, is the 100% owner of the Spinifex Ridge Molybdenum and Copper Project.

(Sourced from www.proactiveinvestors.com.au)