News: MOL Moly Mines increase its offer for Gulf Alumina

Nov 8 (Reuters) - Moly Mines Ltd (MOL) :

• It has increased its offer for Gulf Alumina Limited
• Moly's increased offer is of a$0.63 cash or a$0.46 cash plus 1.14 moly shares
• Metro has entered into a bridging loan agreement with its largest shareholder, Greenstone Resources
• Moly considers that its proposal is superior to offer made by Metro Mining Limited
• Metro's offer, to be funded using wholly borrowed funds
• Participation in cash only option to be subject to total amount of consideration payable by moly under increased offer not exceeding a$42 million