Reading through the notice for the A.G.M they are going to seek approval for the following:-
Institutional Placement of up to 125,000,000 fully paid shares, or a maximum of US$125.000.000. These are to have an issue price of at least 80% of the average price for the shares over the last 5 days on which sales were recorded before the day on which the final prospectus is lodged.
All shareholders holding shares will be offered shares at the same price up to $15000-00
If MOL can raise the full amount through the Insto placement, then they should have no trouble raising enough cash to pay off TCW.
That will put MOL in a position to commence work on the Iron Ore mine. With no debt and an income stream, finance for the Molybdenum mine will be much easier to get.
MOL Price at posting:
$1.26 Sentiment: LT Buy Disclosure: Held
