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|Subject: Molycorp insider buying||Date: 2/1/2013 9:36 AM|
|Author: captainccs||Number: 65630 of 74963|
Molibdenos Y Metales S.A. bought another 15 million shares of MCP at $6.00 plus warrants to purchase another 2,777,778 shares at %7.20
That is part of the financing deal reported by Molycorp:
$150,0000,000 in 5.50% Convertible Senior Notes due 2018 plus up to $22,500,000 in notes which converted at $7.20 represent almost 24 million shares. The company is also issuing 50,791,666 common shares (15 million bought by Molibdenos Y Metales).
This represents significant dilution for current shareholders but the market is reacting quite favorably.
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