Dallas, Texas 10/22/2013 (Financialstrend) – Molycorp Inc (NYSE:MCP) has announced the closure of the previously-announced registered PO of 51,750,000 common stock shares. This was inclusive of 6,750,000 shares if the underwriters exercise their option to buy additional-shares in this offering, at $5.00/share. The Offering resulted in net-proceeds of around $247.5M with the exclusion of estimated fees & expenses that are payable by Molycorp Inc (NYSE:MCP).
Molibdenos y Metales S.A. (Molymet) is a major stockholder in the company and invested around $70 million in this Offering. Molycorp Inc (NYSE:MCP) intends to use net proceeds from this Offering to fund the current capital-needs for capital-expenditures and some other cash-requirements.
In Monday’s trading, Molycorp Inc (NYSE:MCP) dropped by 2.05%. The opening price of the shares was $5.31, which climbed to an intraday high of $5.41 and dipped to a close of $5.25. Approximately 7.87 million shares were traded on Monday while an average volume of 9.12 million shares were traded over a 30 day period. The 52-week low of Molycorp Inc (NYSE:MCP) shares is $4.70 and its 52-week high is $11.81. The company has a market capitalization of $990.19 million.
About the company
Molycorp Inc (NYSE:MCP) is a rare-earth oxide producer that operates in the Western hemisphere. It owns numerous developed rare-earth projects outside China. Molycorp Inc (NYSE:MCP) also owns rare -earth oxide and rare-metal producers in Europe. It produces rare-earth alloys in the U.S. Molycorp Inc (NYSE:MCP) has 3 business segments: 1) Molycorp Mountain Pass, 2) Molycorp Tolleson and 3) Molycorp Sillamae. On 1 April 2011, Molycorp Inc (NYSE:MCP) acquired 90 percent interest in AS Silmet situated in Sillamae, Estonia.
On 15 April 2011, the company acquired Santoku America. On 22 August 2011, Molycorp Inc (NYSE:MCP) opened a new office in Tokyo, in Japan. It provides customer-support and technical and consulting services to customers in Japan. In 2012 June, Molycorp Inc (NYSE:MCP) acquired Neo Material Technologies.