Adanac Molybdenum Corporation

Published : May 28th, 2008

Closes Bridge Financing

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Adanac CLOSES BRIDGE FINANCING

May 27, 2008 - Vancouver, British Columbia

Dr. David Stone, CEO, reports:

ADANAC MOLYBDENUM CORPORATION CLOSES THE PREVIOUSLY ANNOUNCED BRIDGE FINANCING PRIVATE PLACEMENT; PROCEEDS TO BE USED TO PARTIALLY FUND EQUIPMENT PURCHASES, DETAILED ENGINEERING, CONSTRUCTION PLANNING AND CORPORATE OVERHEAD FOR THE DEVELOPMENT OF THE PROPOSED RUBY CREEK PROJECT.

Adanac Molybdenum Corporation (TSX: AUA) (Pink Sheets: AUAYF) (Frank: A9N) (�Adanac� or the �Company�) today confirmed it has closed the previously announced financing. At closing, the Bridge Financing will be funded to $68.5 million. The Company has the option to increase the Bridge Financing up to a total of $80 million at any time prior to May 30, 2008.. The proceeds will be used to fund continued development of the company�s proposed Ruby Creek molybdenum project.

The financing is in the form of senior secured notes issued pursuant to a Securities Purchase Agreement signed on 23 May, 2008. The agreements related to the financing will be filed on SEDAR. Under the terms of the financing the Company will grant, in total, warrants to subscribe for a number of shares of Common Stock equal to 21.4054% of the fully-diluted outstanding shares of Common Stock of the Company. The Warrants will expire the earlier of either three (3) years after the closing by the Company of the contemplated raise to secure the balance of the financing to build the project in convertible debt and/or high yield debt, or five (5) years from the date of issuance.

This financing was arranged through Adanac�s United States based investment banker and includes participation from leading global institutional investors. Securing the balance of the funds required to build the mine, mill and related infrastructure is scheduled to be completed by the fourth quarter of 2008.

�This financing enables Adanac to continue its engineering and construction planning activities and take possession of processing equipment we have ordered for the molybdenum mine. It represents a strong vote of confidence from the financial market for building the project.� said Dr. David Stone, CEO.

Adanac Molybdenum Corp. is engaged in the exploration and development of mines to produce molybdenum and other ferro-alloy metals. Its flagship property is the Ruby Creek molybdenum project located near Atlin, BC. The property contains an open pit reserve of 157.7 million tonnes grading 0.058% Mo using a 0.040% cut-off grade. This news release has been reviewed by Michael MacLeod, P.Eng. a qualified person pursuant to National Instrument 43-101 and the President and Chief Operating Officer, of the Company.

On Behalf of Management

ADANAC MOLYBDENUM CORPORATION

David Stone
Chief Executive Officer

 

Information Contact

David Stone

CEO

Head Office: Suite 200 � 2055 152 Street, Surrey, B.C. V4A 4N7

Telephone: 604-535-6834 Facsimile: 604-536-8411
Corporate Office: 2A 15782 Marine Drive, White Rock, B.C. V4B 1E6

Telephone: 604-531-9639 Facsimile: 604-531-9634
Email: info@adanacmoly.com

 

 

This release is not an offer of securities for sale in the United States.

 

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

www.adanacmoly.com

 

 

 

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Adanac Molybdenum Corporation

DEVELOPMENT STAGE
CODE : AUA.TO
ISIN : CA00652E5065
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Adanac Molybdenum is based in Canada.

Adanac Molybdenum develops copper and molybdenum in Canada, and holds various exploration projects in Canada.

Its main asset in development is RUBY CREEK in Canada and its main exploration properties are B&C SPRINGS/ NEVADA BC, CUCOMUNGO and PINE NUT in Canada.

Adanac Molybdenum is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 5.3 millions as of today (US$ 5.2 millions, € 4.0 millions).

Its stock quote reached its lowest recent point on April 09, 2009 at CA$ 0.02, and its highest recent level on March 04, 2011 at CA$ 9.00.

Adanac Molybdenum has 25 462 000 shares outstanding.

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In the News and Medias of Adanac Molybdenum Corporation
11/7/2007 640 million gamble on molybdenum mine
Financings of Adanac Molybdenum Corporation
12/10/2007Announces $15 million Equity Offering
Option Grants of Adanac Molybdenum Corporation
3/17/2008 Incentive Stock Options
10/25/2007INCENTIVE STOCK OPTIONS
Nominations of Adanac Molybdenum Corporation
9/22/2009 Announces Resignation of President and CEO and Appointment ...
8/5/2008Senior Management Core Team Appointment
Financials of Adanac Molybdenum Corporation
2/28/2011Announces Emergence from CCAA
Project news of Adanac Molybdenum Corporation
5/29/2009(Ruby Creek)Releases Updated 2009 NI 43-101 Mineral Resource Report for ...
1/20/2009(Ruby Creek)Ruby Creek Project - Exploration Update
9/30/2008(Ruby Creek)Comprehensive Study Switched to Screening Assessment
10/1/2008(Ruby Creek)Ruby Creek Project - Exploration Update
7/10/2008(Ruby Creek)Drilling Encounters More Mineralization Adjacent to the Perm...
6/24/2008(Ruby Creek)Update and Ruby Creek Project
1/28/2008(Ruby Creek) Focusing on Critical Path
12/24/2007(Ruby Creek)Ruby Creek Receives Approval to Begin Onsite Construction
12/6/2007(Ruby Creek) CONFIRMS POSITIVE ECONOMICS ON ITS RUBY CREEK PROJECT
11/7/2007(Ruby Creek) Construction Begins at Ruby Creek
9/28/2007(Ruby Creek)MAJOR MINING EQUIPMENT SELECTED AND ORDERED FOR RUBY CREEK P...
9/12/2007(Ruby Creek) RECEIVES ENVIRONMENTAL CERTIFICATE FOR RUBY CREEK PROJECT
Corporate news of Adanac Molybdenum Corporation
1/25/2011Outlines New Common Share Distribution
8/28/2009Obtains Extension of Stay Period under CCAA to November 30, ...
7/6/2009Obtains Extension of Stay Period under CCAA
1/20/2009Completes Initial Restructuring
1/19/2009Gains Extension to Creditor Protection
12/20/2008to Evaluate Strategice Alternatives Under CCAA Protection
11/14/2008Presentation at Rodman and Renshaw Conference in New York
11/7/2008Interview with Mining Industry TV Airing Times
9/30/2008Implements Shareholder Rights Plan
9/19/2008Website Update and Reconstruction
8/8/2008Fish Habitat Reserve Facilitates Ruby Creek Tailings Permit
7/14/2008Management Reorganization
6/20/2008Receives BC Mines Act Permit
6/4/2008Corporate Update
5/28/2008Closes Bridge Financing
5/2/2008Corporate Update
4/16/2008Announces $80 Million Bridge Financing Offer
3/27/2008Announces Organizational Changes
3/19/2008Ruby Creek Project Update
1/29/2008New Interview Posted on Smartstox.com
1/17/2008MGI Securities Inc - INITIATING COVERAGE - Adanac Molybdenum...
12/31/2007Announces Completion of Previously Announced Financing
12/21/2007Announces Final Terms To Previously Announced Financing
10/17/2007Engages Investment Bank For Ruby Creek Debt Financing
9/11/2007Receives Environmental Certificate
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TORONTO (AUA.TO)FRANKFURT (A9N.F)
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