Molycorp (NYSE: MCP) Declares Preferred Dividend & Announces Mandatory Conversion of Series A Preferred Stock
February 05 2014 - 4:01PM
For Release: 4:01 p.m.
Eastern, February 5, 2014
GREENWOOD VILLAGE, Colo. (February 5, 2014) -
Molycorp, Inc. (NYSE: MCP) today announced that its Board of
Directors has elected to declare a cash dividend on outstanding
shares of its 5.50% Series A mandatory convertible preferred stock
in an amount equal to $1.375 per share. Molycorp will pay the
dividend on March 1, 2014 to the holders of record of shares of
Series A mandatory convertible preferred stock at the close of
business on February 15, 2014. As of February 1, 2014, there were a
total of 2,070,000 shares of Series A mandatory convertible
preferred stock outstanding.
On the Mandatory Conversion Date of March 1, 2014, holders of
Preferred Stock will receive 2 shares of Common Stock, par value
$0.001 for each share of Preferred stock converted. There are
currently 2,070,000 shares of Preferred Stock outstanding, and a
total of approximately 4,140,000 shares of Common Stock will be
issued upon conversion of the Preferred Stock.
From and after the Mandatory Conversion Date, the Preferred Stock
not previously converted will be deemed to be no longer outstanding
and all rights of the holders with respect to such Preferred Stock
will terminate, except for the right to receive the number of whole
shares of common stock issuable upon conversion of the Preferred
Stock, as described.
Source: Molycorp, Inc. ($MCP)
# # #
For more
information:
Jim Sims, +1 (303) 843-8062
Vice President, Corporate Communications
Jim.Sims@Molycorp.com
Brian Blackman, +1 (303) 843-8067
Vice President, Investor Relations
Brian.Blackman@Molycorp.com
About Molycorp, Inc.
Molycorp is the only advanced
material manufacturer in the world that both controls a world-class
rare earth resource and can produce high-purity, custom engineered
rare earth products to meet increasingly demanding customer
specifications. With 27 locations across 11 countries, the
Company produces a wide variety of specialized products from 13
different rare earths (lights and heavies), five rare metals
(gallium, indium, rhenium, tantalum and niobium), and the
transition metals yttrium and zirconium. The Company produces
rare earth magnetic materials through its Molycorp Magnequench
subsidiary, including neodymium-iron-boron (NdFeB) magnet powders,
used to manufacture bonded NdFeB permanent rare earth magnets.
Through its joint venture with Daido Steel and the Mitsubishi
Corporation, Molycorp manufactures next-generation, sintered NdFeB
permanent rare earth magnets. The Company also markets and sells a
line of rare earth-based water treatment products. For more
information please visit www.molycorp.com.
_____________________________________________________________
Copyright © 2014 Molycorp, Inc., All rights reserved.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Molycorp, Inc. via Globenewswire
HUG#1759493
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