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China's Hanlong Mining Investment Offers $700 Million in Funds for Moly Mines Project
BANGALORE, INDIA--October 24, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--Hanlong Mining Investment, a subsidiary of Sichuan Hanlong Group (Sichuan, China), has offered $200 million in equity and debt funding to Moly Mines Limited (ASX:MOL) (West Perth, Australia) for the latter's Spinifex Ridge mining venture. The funding will be implemented by means of a subscription agreement, which entitles Hanlong to 207.1 million shares in Moly Mines valued at US 69.28 cents per share, totaling about $140 million. The balance funds of $60 million will be released through a 10-year, interest-bearing loan.
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Industry Segment: Metals & Minerals
Word Count: 890 Words
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