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Molycorp Places 12.5 Mln Shares With Molymet - Quick Facts

Molycorp, Inc. (MCP) on Monday said it closed its previously announced placement of 12.5 million shares of Molycorp common stock with Molibdenos y Metales S.A., or Molymet, for around $390 million.

Molycorp will use proceeds from the Molymet investment for general corporate purposes and to bolster its strategic flexibility. It will likely be used to finance a portion of the cash purchase price of Molycorp's recently announced acquisition of Neo Materials Technologies, Inc.

by RTT Staff Writer

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