15:00 | 13.07.2010
Molycorp Announces Share Amounts, Estimated Price Range for Initial Public Offering
Molycorp, Inc., whose wholly owned subsidiary, Molycorp Minerals, LLC,
is a U.S. rare earth producer and technology company, today announced
that it filed an amendment to its registration statement on Form S-1
with the U.S. Securities and Exchange Commission (“SEC”) for a proposed
underwritten initial public offering of its common stock. Molycorp
proposes to sell 28,125,000 shares of common stock in the offering.
Additionally, Molycorp will grant the underwriters an option to purchase
up to 4,218,750 shares of common stock to cover over-allotments, if any.
The estimated price range for the initial public offering is $15.00 to
$17.00 per share.
Molycorp expects to use the net proceeds of the offering primarily for
the modernization and expansion of its Mountain Pass, California rare
earth mining and production facility.
Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc. will
act as joint book-running managers for the proposed offering. CIBC World
Markets Corp., Credit Suisse Securities (USA) LLC, Stifel, Nicolaus &
Company, Incorporated, Dahlman Rose & Company, LLC, Piper Jaffray & Co.,
Knight Capital Markets LLC, Houlihan, Lokey, Howard & Zukin Capital,
Inc. and GMP Securities L.P. will act as co-managers for the proposed
offering. The offering will be made only by means of a prospectus.
Copies of the preliminary prospectus relating to the offering may be
obtained from Morgan Stanley & Co. Incorporated, Attention: Prospectus
Department, 180 Varick Street, New York, New York 10014 (1-866-718-1649,
email address: prospectus@morganstanley.com);
or from J.P. Morgan Securities, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New York 11717.
A registration statement relating to these securities has been filed
with the SEC but has not yet become effective. These securities may not
be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective. This press release shall not
constitute a solicitation of an offer to buy, nor shall there be any
sale of these securities in any state in which such offer, solicitation
or sale would be unlawful prior to the registration or qualification
under the securities laws of any such state.
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