It looks like our boys in Whiterock are getting somewhere.
Adanac Announces $80 Million Bridge Financing OfferMarketwire
Adanac Molybdenum Corporation
April 16, 2008 - 09:30:50 AM
Adanac Announces $80 Million Bridge Financing Offer
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2008) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Adanac Molybdenum Corporation (TSX:AUA)(PINK SHEETS:AUAYF)
(FRANKFURT:A9N) today announced the Company has signed a term
sheet with a leading global institutional investor to provide
$80 million bridge financing to fund continued development of
the company's proposed Ruby Creek molybdenum project.
The financing would be in the form of senior secured notes,
and is subject to regulatory approval, due diligence by the
investor and mutual agreement of definitive terms; with final
acceptance by both parties expected by mid-May, 2008.
"This financing would advance our Ruby Creek project to the
next level" said Dr. David Stone, CEO. "The funding would
enable Adanac to continue its engineering and construction
planning activities and take possession of processing
equipment we have ordered for the molybdenum mine. It
represents a strong vote of confidence from the financial
market for building the project, and would provide the funds
to see the company through the time period to secure the
balance of the money necessary to build and start-up the
mine, processing facilities and related infrastructure."
The offer was arranged through Adanac's United States based
investment banker and forms part of the overall project
financing initiative; underway since it was previously
announced on October 17, 2007; which is contemplated as a
debt and equity offering of approximately $750 million.
Completion of the balance of the project financing is
targeted for the summer of 2008.
Adanac Molybdenum Corporation is engaged in the exploration
and development of mines to produce molybdenum and other
ferro-alloy metals. Its flagship property is the Ruby Creek
molybdenum project located near Atlin, BC. The property
contains an open pit reserve of 157.7 million tonnes grading
0.058% Mo using a 0.040% cut-off grade. This news release
has been reviewed by Michael Petrina, P.Eng. a qualified
person pursuant to National Instrument 43-101.
On Behalf of Management
ADANAC MOLYBDENUM CORPORATION
Michael MacLeod, President and Chief Operating Officer
This release is not an offer of securities for sale
in the United States.
Any securities that the Company may offer for sale
in the future may not be offered or sold in the United
States unless registered under the United States Securities
Act of 1933 or unless an exemption from registration is
available.
This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the
United States Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact,
included herein are forward-looking statements that involve
various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate, and actual
results and future events could differ materially from
those anticipated in such statements. Important factors
that could cause actual results to differ materially
from the Company's expectations are disclosed in the
Company's documents filed from time to time with the
Toronto Stock Exchange, the British Columbia Securities
Commission and the US Securities and Exchange Commission.
FOR FURTHER INFORMATION PLEASE CONTACT:
Adanac Molybdenum Corporation Michael MacLeod President
& COO (604) 535-6834 (604) 536-8411 (FAX)
Adanac Molybdenum Corporation Corporate Office
(604) 531-9639 (604) 531-9634 (FAX)
Email: info@adanacmoly.com
Website: www.adanacmoly.com
The Toronto Stock Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy
of this release.
