Molycorp, Inc. (MCP: Quote) 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.
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by RTT Staff Writer
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