Post says Sprott Moly IPO gets boost from Blue Pearl
2007-04-05 08:37 ET - In the News
The Financial Post reports in its Thursday edition the initial public offering of Sprott Molybdenum Participation Corp. has been given a $36-million head start. The Post's Barry Critchley, writing in Off the Record, says Blue Pearl Mining, which describes itself as the world's largest publicly traded, pure molybdenum producer, has placed three million shares with the issuer. Sprott Moly has filed a preliminary prospectus to go public. Blue Pearl sold the shares via a private placement at $12 per share. When the private placement closes, Blue Pearl will reduce its debt by $36-million. The financing comes with a few terms and conditions. "The private placement is subject to definitive documentation, completion of Sprott Molybdenum Participation Corporation's proposed initial public offering and receipt of all required regulatory approvals and consents, including the approval of the Toronto Stock Exchange," Blue Pearl said. Sprott Moly plans to invest shares of public and private companies involved in the molybdenum business, either exploring, mining or processing the commodity. Part of the proceeds will be used to invest in, or hold and sell "all commercial forms of molybdenum."
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