LAKEWOOD, Colo., Dec. 18, 2017 /CNW/ -- General Moly, Inc.
(the "Company") (NYSE AMERICAN and TSX: GMO), the only
western-exchange listed, pure-play molybdenum mineral development
company, announced that it received approval for the two proposals
submitted to stockholders at a Special Meeting of Stockholders,
which was held December 15, 2017 in
Lakewood, Colorado.
Stockholders supported the approval of a proposal for the
issuance of shares of our common stock in connection with the
previously announced amended transaction with AMER International
Group ("AMER"), in which the total shares issued represent more
than 20% of our outstanding common stock, issued at a discount to
the greater of book or market value of our common stock.
Stockholders also ratified equity awards granted since December 12, 2016.
As previously announced, in November
2015 AMER closed the $4
million Tranche 1 of the parties three tranche financing
agreement under the Amended Investment Agreement for 13.3 million
shares ($0.30 per share).
Tranche 2 was recently closed in October
2017 for the purchase of 14.6 million shares for
$6 million ($0.41 per share). Additionally, AMER has
committed to complete the third of the three tranche private
placements, for 20 million shares, at a cost of $10 million ($0.50
per share) conditioned upon the reissuance of water permits for the
Mt. Hope Project or the earlier completion of a joint business
opportunity involving issuance of more than 10.0 million shares of
GMI common stock.
Voting results on all matters voted on at the Special Meeting of
Stockholders will be filed on SEDAR at www.sedar.com.
About General Moly
General Moly is a U.S.-based molybdenum mineral development,
exploration and mining company listed on the NYSE American LLC
(formerly known as the NYSE MKT) and the Toronto Stock Exchange
under the symbol GMO. The Company's primary asset, an 80% interest
in the Mt. Hope Project located in central Nevada, is considered one of the world's
largest and highest grade molybdenum deposits. Combined with the
Company's wholly-owned Liberty Project, a molybdenum and copper
property also located in central Nevada, General Moly's goal is to become the
largest primary molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy
agent in steel manufacturing. When added to steel, molybdenum
enhances steel strength, resistance to corrosion and extreme
temperature performance. In the chemical and petrochemical
industries, molybdenum is used in catalysts, especially for cleaner
burning fuels by removing sulfur from liquid fuels, and in
corrosion inhibitors, high performance lubricants and polymers.
Contact:
Scott Roswell
(303) 928-8591
info@generalmoly.com
Website: www.generalmoly.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/general-moly-announces-results-of-special-meeting-300572398.html
SOURCE General Moly, Inc.