Moly Mines Limited
TSX : MOL
ASX : MOL

Moly Mines Limited

October 26, 2009 09:30 ET

Moly Mines General Meeting

TORONTO, ONTARIO--(Marketwire - Oct. 26, 2009) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Moly Mines Limited (TSX:MOL)(ASX:MOL) advises that each resolution considered at the general meeting of shareholders, held in Perth WA on October 26 (October 25 EST) was passed by the requisite majority on a show of hands.

In accordance with ASX Listing Rule 3.13.2 and section 251AA(2) of the Corporations Act, the Company advises the following details of proxy votes:

           Resolution & Description      Proxies      Proxies        Proxies        Proxies
       For      Open        Against        Abstain
         and    
         Usable    
           1. Approval for the issue of up      6,072,785      689,375        138,547        119,250
           to 125 million ordinary shares        
 
           2. Approval for the issue of      5,574,814      647,055        351,525        445,563
           Warrants to TCW        

Institutional Placement Completion

Resolution 1, approved at today's general meeting, now allows the Company to complete the Unit Offering of 42 million shares at C$0.75 (A$0.80) per share and a 1/3rd Warrant exercisable at C$1.00 per share up to 3 years from the date of grant as described in the Amended Notice of Meeting dated 9 October 2009. The Institutional Placement will raise gross proceeds of C$31.5 million and completion and the receipt of the first US$25 million is the key condition precedent for the restructure of the TCW Interim Financing Facility. Following shareholder approval today of Resolution 1, securities are expected to be allotted by 30 October.

Share Purchase Plan

Shareholders will receive documentation soon either in the form of a Share Purchase Plan Offer Booklet for Australian and New Zealand shareholders or a Prospectus for Canadian holders. Full details of the offer including Record Date will be advised in those documents. Pursuant to the Hanlong Subscription Agreement announced on 19 October 2009, the Share Purchase Plan offer will be capped at 20 million shares. It will be priced at C$0.75 and A$0.80 per share being the commitment price of North American and Australian institutions under the Institutional Placement described above.

Contact Information

  • Moly Mines Limited
    Natalie Frame
    Investor Relations Coordinator
    +1 416 777 1801
    or
    Moly Mines Limited
    Andrew Worland
    Company Secretary
    +61 8 9429 3300
    www.molymines.com