Molycorp (MCP) Sinks 8% Early on Equity Offering
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Molycorp, Inc. (NYSE: MCP) is down 8% in pre-open trading Wednesday following its equity offering. The offering was widely expected. However, shares are up 50%+ from recent lows.
Molycorp intends to offer and sell $200 million of its common stock and $100 million aggregate principal amount of its Convertible Senior Notes due 2018 in separate registered public offerings.
The Company intends to use the net proceeds received from the Primary Shares Offering and the Notes Offering to fund current capital needs for capital expenditures and other cash requirements for 2013, including, without limitation, capital expenditures at its Mountain Pass facility.
Molycorp intends to offer and sell $200 million of its common stock and $100 million aggregate principal amount of its Convertible Senior Notes due 2018 in separate registered public offerings.
The Company intends to use the net proceeds received from the Primary Shares Offering and the Notes Offering to fund current capital needs for capital expenditures and other cash requirements for 2013, including, without limitation, capital expenditures at its Mountain Pass facility.
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