Adanac Molybdenum Corporation

Published : October 17th, 2007

Engages Investment Bank For Ruby Creek Debt Financing

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Wednesday, October 17, 2007 - Vancouver, British Columbia

*** NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ***

ADANAC ENGAGES INVESTMENT BANK FOR RUBY CREEK DEBT FINANCING

ADANAC MOLYBDENUM CORPORATION (AUA: TSX., Pink Sheets: AUAYF, Frank: A9N), is pleased to announce that it has entered into an engagement letter with a U.S. investment bank to act as the Company�s exclusive agent and manager in respect of a proposed financing of debt and convertible debt securities. As currently contemplated, the debt financing transaction would involve approximately US$ 450 million of senior notes and US$ 150 million of convertible debentures. The aggregate amount and composition of the securities to be sold may vary from those currently contemplated. Technical and commercial due diligence work is underway. The engagement letter is not a commitment by the U.S. investment bank to purchase any securities and there can be no assurance that the debt financing transaction can be completed in the amounts currently contemplated or at all.

The engagement letter provides that, in the event of a change of control of the Company prior to the completion of the contemplated debt financing transaction, a sliding scale break-up fee of 15% of the difference between the market capitalization of the Company as of October 15, 2007 and the date of the change of control transaction will be payable by the Company. The break-up fee will not be greater than US$12,500,000 or less than US$2,500,000.

The securities may not be offered or sold in the United States, unless registered thereunder or unless an exemption from registration is available.

On Behalf of Management

 

ADANAC MOLYBDENUM CORPORATION

 

 

Michael MacLeod
President and Chief Executive Officer

 

 

 

Information Contact

 

Michael MacLeod

President and CEO

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

Corporate Office: 2A 15782 Marine Drive, White Rock, B.C. V4B 1E6

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

 

 

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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