Past year: ▼ 98%(0.50c – 22.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Apr 2015capital raising announcement▲ GoodMajor
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.
22 Jan 2015material agreement▼ BadMajor
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.
30 Dec 2014capital raising announcement▼ BadMajor
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.
22 Aug 2013material agreement termination▼ BadMajor
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.
16 May 2013material agreement termination▼ BadMajor
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.
4 Apr 2013debt financing▼ Bad
The Hanlong bridge loan's maturity was extended again (to November 2013) and its undrawn second tranche was cancelled — the financing kept shrinking rather than growing as the Chinese bank loan remained unsecured.
31 Oct 2012capital raising announcement▼ BadMajor
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.
11 Jan 2012material agreement▼ Bad
General Moly and Hanlong signed options to further extend the bridge-loan and fee deadlines to April 2013 as the company began 2012 engineering restart work on Mount Hope, while still lacking full project financing more than two years after the deal was first signed.
16 Nov 2011resource reserve update● Neutral
General Moly completed an updated pre-feasibility study for the Liberty project.
4 Oct 2011resource reserve update● Neutral
General Moly issued updated resource estimates for the Liberty project.
13 July 2011debt financing▼ BadMajor
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.
5 Jan 2011capital raising announcement▲ Good
Major shareholder Coghill Capital exercised warrants for about $15.6 million after General Moly agreed to reprice them slightly lower.
16 Dec 2010capital raising announcement● Neutral
Warrant holders exercised for roughly $3.1 million of stock, routine dilution from 2006-era warrants.
29 Oct 2010material agreement▲ GoodMajor
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.
20 Aug 2010material agreement▲ GoodMajor
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.
2 Aug 2010material agreement▼ Bad
General Moly gave Hanlong a two-month extension (to October 2010) to obtain Chinese government approvals for its investment — the first sign the Hanlong deal's regulatory path was slower than planned.
19 Apr 2010capital raising announcement● Neutral
General Moly got ArcelorMittal, an existing shareholder and off-take partner, to waive its anti-dilution rights so the Hanlong share issuance could proceed, while extending ArcelorMittal's own supply agreement.
5 Mar 2010capital raising announcement▲ GoodMajor
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.
25 Jan 2010material agreement● Neutral
General Moly and partner POS-Minerals extended a decision deadline under their Eureka Moly joint-venture agreement by three months.
9 Nov 2009financial restatement▼ Bad
General Moly restated its first- and second-quarter 2009 results after finding it had misclassified partner POS-Minerals' stake in the Eureka Moly joint venture on the balance sheet — a reminder of the same accounting-control weakness flagged in 2007.
10 Sept 2008resource reserve update▲ GoodMajor
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.
13 Aug 2008material agreement▲ Good
General Moly signed a third off-take agreement, with Japan's Sojitz Corporation for 5 million pounds a year plus exclusive Japanese distribution rights for its molybdenum oxide product.
19 May 2008material agreement▲ Good
General Moly signed a second molybdenum off-take agreement, this one with Korea's SeAH Besteel for up to 4.4 million pounds a year once Mount Hope reaches production.
29 Apr 2008resource reserve update▲ Good
General Moly completed a pre-feasibility study on Hall-Tonopah and renamed it the Liberty project.
14 Apr 2008capital raising announcement▲ Good
Warrant holders from the March 2007 placement exercised warrants for $19.1 million, adding cash without a new fundraising round.
22 Feb 2008material agreement▲ GoodMajor
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.
2 Jan 2008material agreement▲ GoodMajor
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.
30 Nov 2007resource reserve update● Neutral
General Moly gave an update on its pre-feasibility study for the Hall-Tonopah project.
23 Nov 2007capital raising announcement● Neutral
General Moly amended its Mount Hope lease with Mount Hope Mines to share the cost risk of any future federal mining royalty and to raise minimum royalty payments.
14 Nov 2007financial restatement▼ Bad
General Moly restated three years of financial statements (2004-2006) after finding accounting errors in how it valued stock and options paid to employees and outside parties — no cash impact, but a real disclosure-control lapse.
