"TORONTO (SHfn) General Moly (TSX: T.GMO, Stock Forum) shares soared 43% to $3.82 on Friday after the junior miner announced an investment and strategic relationship with Hanlong (USA) Mining Investment Inc., a wholly-owned subsidiary of Chinas Sichuan Hanlong Group, that is anticipated to provide full project funding for the its 80% owned Mt. Hope molybdenum project in Nevada. Highlights included a $665 million bank loan from a Prime Chinese Bank to be procured and guaranteed by Hanlong at an anticipated rate of Libor plus 2%-4%, as well as an $80 million equity investment in General Moly through the purchase of 25% of the company's fully diluted shares, partially contingent upon completion of the $665 million bank loan." Up actaully 53 % (C$4.09) at close Shares out 72 million about half less than MOL whom have about 152 million out.
Is that only 25% invested by Hanlong for these invested $ numbers? Certainly proves Hanlong got the bargain of the decade, taking control with 51%.
Anyways massive buying in Toronto in the last 10 minutes almost 25% of BUYING turnover. Must be anticipating something next week? Up 2.44%
MOL Price at posting:
86.5¢ Sentiment: Buy Disclosure: Held
