The placement of 12.5m shares of Molycorp common stock with Molibdenos y Metales.
The proceeds from the Molymet investment will be used by Molycorp for general corporate purposes and to bolster Molycorp’s strategic flexibility, as previously disclosed.
Molycorp president and CEO Mark A Smith said the company is pleased to see the succesful closing of this transaction, as it represents an important investment in Molycorp.
"Molymet’s John Graell comes to the Molycorp Board with an impressive depth of experience and deep insight into the metals industry, and we are very pleased to have him join our team," said Smith.
