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Famous Molybdenum Company Announces 2015 Third Quarter Results

Views: 6     Author: Tungsten China     Publish Time: 2015-12-10      Origin: Site

A U.S. molybdenum mineral development, exploration, and mining company, announced its unaudited financial results for the third quarter ended September 30, 2015. Net loss for the three months ended September 30, 2015 was $2.7 million ($0.03 per share), compared to net loss of $3.2 million ($0.04 per share) for the year ago period.

Excluding restricted cash, this Company’s cash balance at September 30, 2015 was approximately $15 million compared to $13 million at December 31, 2014 and $18 million at June 30, 2015. During the third quarter of 2015, cash use of $3 million was the result of $1 million spent on Mt. Hope Project development costs and $2 million in general and administrative expenses. In January 2015, this Company and other metal companies, announced an agreement which provided access to the $36 million reserve account for Mt. Hope dedicated spend. The EMLLC members agreed in January that the budget will be entirely funded by the reserve account, until at least through 2020. Thus, the reserve account should cover anticipated operating expenses, and committed equipment purchase obligations while the Company seeks full financing for the Mt. Hope Project construction. The Company also announces a further 30% reduction of ongoing future expenses outside of EMLLC.

On November 3, 2015, the company announced an amendment to the previously announced Investment and Securities Purchase Agreement (“Investment Agreement”) with AMER International Group (“AMER”), a private, Chinese-based multinational company that is one of the world’s largest advanced materials, fine machining, and downstream metals refining providers, and was ranked #247 on the 2015 Fortune Global 500 list. With the amended Investment Agreement, the parties agreed upon a three tranche investment strategy that will create a strategic partnership and equity investment to assist with the company’s ability to secure full project financing for the Mt. Hope Project.

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