General Moly: ArcelorMittal agrees to acquire 12.7% stake in company
SAN FRANCISCO (Thomson Financial) - General Moly Inc. said Friday that ArcelorMittal S.A. has agreed to acquire 8.26 million of its shares through a private placement, representing a 12.7% equity stake.
The purchase price of $8.50 a share is expected to generate about $70 million in proceeds, the Lakewood, Colo.-based company said.
In a press release on Nov. 19, General Moly said that ArcelorMittal was acquiring 8.24 million of its shares for a 12.6% stake, as part of the companies' strategic relationship. The updated statement corrects the earlier figures, the company said.
Shares of General Moly, a molybdenum mineral development, exploration and mining company, closed the regular session up 5.05% at $10.40. Steelmaker ArcelorMittal's stock finished up about 2.5% at $71.45.
THR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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