Message #7 From:
Jason Date: April 13, 2008 08:03:29 AM
CORRECTING and REPLACING General Moly Receives $19.1 Million in Warrant Exercise Proceeds
Release is being corrected due to multiple revisions in the first graph.
The corrected release reads:
GENERAL MOLY RECEIVES $19.1 MILLION IN WARRANT EXERCISE PROCEEDS
General Moly Inc. (AMEX: GMO)(TSX: GMO) announced that the Company has
received $19.1 million in proceeds from the exercise of all outstanding
warrants related to the March 2007 Private Placement. Inclusive of $10.7
million in proceeds from warrants expiring in March, the Company’s
unaudited consolidated cash position at the end of the first quarter was
approximately $115 million, which also includes the initial $50 million
contribution by POSCO to the Mt. Hope joint venture. The Company
received an additional $8.4 million in proceeds in the first week of
April from warrants expiring April 11, 2008. The Company currently has
70,915,195 shares outstanding and 82,699,529 fully-diluted shares
outstanding.
General Moly is a U.S.-based molybdenum mineral exploration and
development company listed on the American Stock Exchange and the
Toronto Stock Exchange under the symbol GMO. Our primary asset, our
interest in the Mt. Hope project located in central Nevada, is
considered one of the world's largest and highest grade molybdenum
deposits. Combined with our second molybdenum property, the Hall-Tonopah
project which is also located in central Nevada, our goal is to become
the largest primary molybdenum producer by the middle of the next
decade. For more information on the Company, please visit our website at http://www.generalmoly.com.
Forward-Looking Statements
Statements herein that are not historical facts are “forward-looking
statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve a number of risks
and uncertainties that could cause actual results to differ materially
from those projected, anticipated, expected or implied. These risks and
uncertainties include, but are not limited to, the Company’s
ability to obtain required permits to commence production and its
ability raise required financing, metals price and production
volatility, exploration risks and results, project development risks,
including, without limitation, uncertainties involved in the
interpretation of results and other tests and the estimation of
mineralized material. For a more detailed discussion of risks and other
factors that may impact these forward looking statements please refer to
the Risk Factors and other discussion contained in the Company’s
quarterly and annual periodic reports on Forms 10-QSB and 10-KSB, as the
same are amended from time to time, on file with the SEC. The Company
undertakes no obligation to update forward-looking statements.
