Molycorp, Inc. disclosed that it estimates pricing initial public offering of nearly 28.13 million shares of common stock to be between $15.00 and $17.00 per share.
Greenwood Village, Colorado-based Molycorp is a rare earth oxide producer in the Western hemisphere and owns most fully developed rare earth project outside of China.
Molycorp said it has applied to list its common stock on The New York Stock Exchange under the symbol "MCP"
The company noted that the underwriters may also purchase up to an additional 4.22 million shares within to cover over-allotments.
Molycorp anticipates to use the proceeds for the modernization and expansion of its Mountain Pass, California mining and production facility as well as for general corporate purposes.
For comments and feedback: editorial@rttnews.com