Company sells senior convertible notes, warrants in units through deal
By Devika Patel
Knoxville, Tenn., Dec. 23 – General Moly, Inc. said it will conduct an $8.54 million private placement of convertible units.
The company will sell 85,350 units of a $100 of senior convertible notes and 100 warrants at $100 per unit. The notes will mature on Dec. 26, 2019 and are each convertible into 100 common shares at a price equal to a 20% discount to the greater of the trailing 30-day volume-weighted average price of the stock on the conversion date and the trailing 30-day volume-weighted average price of the stock on Dec. 22.
Each warrant is exercisable at $1.00 for five years. The strike price is a 212.5% premium to the Dec. 22 closing price of $0.32.
Settlement is expected on Dec. 26.
Proceeds will be used for maintenance of the Mount Hope project and the Liberty project and general corporate purposes.
General Moly is a Lakewood, Colo.-based molybdenum development, exploration and mining company.
| Issuer: | General Moly, Inc.
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| Issue: | Units of a $1,000 of senior convertible notes and 100 warrants
|
| Amount: | $8,535,000
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| Units: | 85,350
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| Price: | $100
|
| Maturity: | Dec. 26, 2019
|
| Conversion price: | A 20% discount to the greater of the trailing 30-day volume-weighted average price of the stock on the conversion date and the trailing 30-day volume-weighted average price of the stock on Dec. 22
|
| Warrants: | 100 warrants per unit
|
| Warrant expiration: | Five years
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| Warrant strike price: | $1.00
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| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 26
|
| Stock symbol: | NYSE: GMO
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| Stock price: | $0.32 at close Dec. 22
|
| Market capitalization: | $32.39 million
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