General Moly, Inc

General Moly's auditor Plante & Moran resigned days after the Chapter 11 filing; its most recent audit report had already flagged going-concern doubt.

auditor change

The Toronto Stock Exchange separately moved to delist General Moly, citing its insolvency/bankruptcy exposure and financial condition, effective December 29, 2020 — its last remaining public listing was gone.

listing compliance notice

General Moly filed for Chapter 11 bankruptcy, with a $1.4 million debtor-in-possession loan funded by insiders (CEO Bruce Hansen, his relative Bong Hansen, and an entity called New Moly LLC) and a pre-arranged restructuring plan that would convert that DIP debt into equity in the reorganized company — after fifteen years and two failed Chinese-financing partners (Hanlong, then Amer), Mount Hope was never built and the company's public-market ownership was wiped out in favor of insiders and bondholders.

bankruptcy or receivership

General Moly, Inc's exchange filed to remove a class of its securities from listing.

listing compliance notice

General Moly told NYSE American it would not even submit a compliance plan; the exchange suspended trading and began delisting the stock.

listing compliance notice

The Liberty project sale to Pathfinder closed for $2 million upfront, but General Moly disclosed plainly that it still faced a severe working-capital deficit and "substantial doubt about the Company's ability to continue as a going concern," warning that bankruptcy could leave stockholders and even noteholders with nothing.

asset acquisition disposition

NYSE American cited General Moly for a $115.6 million stockholders' deficit and five straight years of losses, demanding a compliance plan by month's end — the delisting threat had escalated from a low share price to outright insolvency-level deficiencies.

listing compliance notice

General Moly agreed to sell its Liberty project (the former Hall-Tonopah copper-moly deposit) to Pathfinder Minerals for up to $3 million plus a royalty — shedding its second asset to raise cash as the Mount Hope financing search kept failing.

material agreement

NYSE American gave General Moly extra time (until its 2020 annual meeting) to pursue a reverse stock split after it missed the prior deadline, tagging the stock ".BC" as below compliance in the meantime.

listing compliance notice

General Moly exchanged 95% of its maturing 2019 notes for new notes due 2022 at a higher 12% interest rate — avoiding a near-term default by paying more for the extension, a classic sign of a company running out of options.

capital raising announcement

Noteholders agreed to let General Moly defer a roughly $162,000 interest payment for 90 days without triggering default — the same week the company finally received its last major federal permit (the Record of Decision) for Mount Hope, a rare piece of good news arriving alongside real cash strain.

material agreement

NYSE American issued a second low-price warning, giving General Moly until March 2020 to fix its share price or face delisting.

listing compliance notice

Amer International tried to terminate its 2015 financing agreement, citing US-China tensions, permitting delays and solvency concerns; General Moly disputed the termination and countered that Amer itself had defaulted by missing a funding deadline — the years-long Chinese-financing strategy was collapsing in open dispute.

material agreement termination

Landowner Mount Hope Mines bought $500,000 of the same insider-style preferred stock, and executives funded a third $300,000 tranche — the company was now being kept afloat mainly by insiders and its own royalty landlord.

capital raising announcement

General Moly hired financial advisors to explore "strategic alternatives" — including a possible sale of the company or its assets, or restructuring its 2014 convertible notes due that December — while arranging a small $900,000 insider-funded preferred-stock bridge led by CEO Bruce Hansen.

capital raising announcement

General Moly dismissed PricewaterhouseCoopers as part of a cost-cutting and cash-conservation drive; PwC's last audit report had already flagged liquidity pressure.

auditor change

NYSE American warned General Moly it must reverse-split its stock or show sustained price improvement by June 2019 to keep its listing — the low share price becoming a listing problem on top of the stalled financing.

listing compliance notice

General Moly raised just $2.3 million in a small underwritten public offering at $0.25 a unit — a token amount reflecting how depressed its stock and financing prospects had become.

material agreement

The Nevada Supreme Court affirmed a lower-court ruling vacating Mount Hope's water permits, a serious setback that also pushed back the Amer second-tranche closing by two weeks.

material agreement

General Moly and Amer restructured their deal again, accelerating a $6 million second-tranche closing but tying the larger third tranche to either a share-based acquisition or getting Mount Hope's water permits reissued — permits that, unknown to the company at signing, were about to be struck down.

material agreement

The Amer International deal was restructured into three smaller closings, and the first closed for just $4 million (versus the roughly $20 million originally implied) — a much slower start than the 2015 announcement suggested.

capital raising announcement

General Moly signed a new Chinese financing partner, Amer International Group, on essentially the same model as the failed Hanlong deal: Amer would buy about 25.7% of the company and help arrange roughly $700 million in Chinese bank financing for Mount Hope.

capital raising announcement

General Moly and partner POS-Minerals agreed to tap up to $36 million of joint-venture reserve cash to cover ongoing Eureka Moly expenses until full project financing is obtained, and pushed out by nine years (to December 2020) a $36 million repayment POS-Minerals was owed because production had been delayed past 2011 — a sign the project's financing gap was becoming structural, not temporary.

material agreement

With the Hanlong financing gone, General Moly turned to a smaller stopgap: an $8.5 million private placement of 10% convertible notes, with CEO Bruce Hansen, CFO David Chaput and other executives buying in themselves — insiders funding the company as external Chinese capital had failed to appear.

capital raising announcement

General Moly and Hanlong terminated their entire 2010 Securities Purchase Agreement and Stockholder Agreement — more than three years after the original $80 million equity/$665 million loan deal, only $40 million of equity and $10 million of bridge financing had ever actually landed, and the promised Chinese bank loan never materialized. Hanlong stayed on as the largest shareholder with a board seat.

material agreement termination

General Moly and Hanlong mutually terminated the $125 million subordinated loan from October 2012, which had depended on the still-unsecured Chinese bank loan, so General Moly could pursue a different Chinese partner instead.

material agreement termination

General Moly and Hanlong signed a new $125 million subordinated loan meant to sit behind the still-unsecured $665 million Chinese bank loan — another layer of financing stacked onto a deal that, more than two and a half years in, had yet to deliver its core bank loan.

capital raising announcement

Hanlong's commitments were extended again: the environmental-statement deadline was dropped, the permitting decision deadline pushed to as late as December 2012, and Hanlong's bank-loan delivery window stretched to nine months post-permit — the Hanlong deal was now over a year old and still not fully funded.

debt financing

Hanlong's first-tranche investment ($40 million for 12.5% of the company) was accelerated to close in December 2010, with the environmental-statement deadline pushed back to May 2011 as a condition was dropped.

material agreement

General Moly's Eureka Moly venture agreed to fund an $8-12 million community sustainability trust in exchange for local water-rights cooperation, and announced its preliminary draft environmental impact statement for Mount Hope — a key permitting milestone.

material agreement

General Moly signed a major financing deal with Hanlong, a large private Chinese mining group: Hanlong would buy 25% of the company for $80 million and try to arrange a $665 million Chinese bank loan plus a $20 million bridge loan to fund Mount Hope's roughly $1.15 billion build-out — its most consequential financing agreement yet, and one that would take years to play out.

capital raising announcement

General Moly announced Barclays Capital and Credit Suisse as co-lead arrangers to help raise project financing for Mt. Hope, alongside an updated engineering study — a step toward the roughly $1 billion the project would need.

resource reserve update

General Moly brought in POSCO affiliate POS-Minerals as a partner, contributing the Mount Hope project into a new joint venture (Eureka Moly, LLC) in exchange for POS-Minerals funding up to $170 million for a 20% stake — the deal that would finance Mount Hope's development.

material agreement

General Moly signed its first molybdenum supply (off-take) agreement, committing to sell an ArcelorMittal affiliate 6.5 million pounds of moly a year once Mount Hope reaches production — an early customer commitment underpinning the project's financing case.

material agreement

General Moly, Inc's exchange filed to remove a class of its securities from listing.

listing compliance notice

Idaho General Mines reincorporated in Delaware as General Moly, Inc. via a shareholder-approved merger, and terminated its shareholder rights (poison pill) plan in the process — the company's new permanent name and structure going forward.

business combination

The company announced completion of the Mt. Hope Bankable Feasibility Study, a major technical milestone toward financing and building the mine.

resource reserve update

The company raised $25 million in another private placement, earmarked for permitting Mount Hope and evaluating Hall Tonopah.

capital raising announcement

the American Stock Exchange certified General Moly, Inc's securities for listing, clearing them to begin trading.

listing compliance notice

Idaho General Mines raised $30 million in a private placement priced at $2.00 per unit and applied to list its stock on a senior exchange — a much larger raise than its prior financings, reflecting growing investor interest in Mount Hope.

capital raising announcement

The company formally exercised its 30-year lease on the Mount Hope deposit, locking in royalty terms tied to the molybdenum price (4-6% depending on price) plus scheduled payments through 2010.

material agreement

The company completed its Mount Hope feasibility study, outlining a 30-year open-pit mine expected to recover about 700 million pounds of molybdenum, and closed a $2.25 million private placement to keep funding the project's permitting.

capital raising announcement

Idaho General Mines (the company later renamed General Moly) paid $175,000 plus stock for a one-year option to lease Mount Hope Mines' undeveloped molybdenum deposit in Nevada — the deal that would become the company's flagship Mt. Hope project.

capital raising announcement