General Moly Inc. (fka GMOLQ)

[Axolotl]

RIP in peace.

[Renee]

GMOLQ BK PLAN effective. All shares cancelled.

https://otce.finra.org/otce/dailyList?viewType=Deletions

[Axolotl]

There it is.

[Renee]

GMOL changed to GMOLQ, bankruptcy.

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

[Axolotl]

It'll reach 0. They're going bankrupt.

[willlbone]

Will it reach 1 cent?

[Renee]

GMO changed to GMOL. Delisted from the NYSE AMEX to the OTC.


https://otce.finra.org/otce/dailyList?viewType=Additions

[Axolotl]

Its a shame that they didn't manage their business better.

Just as commodities are heating up and we seem to be heading into a bull market $GMO is going bankrupt.

Shouldn't have gotten involved with the Chinese.

[whytestocks]

Just In: $GMO If the Auto Industry Wants to Avoid Shortages, They May Need to Invest in Mines

September 10, 2020 FN Media Group Presents USA News Group News Commentary Vancouver, BC – September 10, 2020 – USA News Group   – It appears that projects to meet forecast demand for battery metals see the threat of looming supply crunches as a tri...

Got this from GMO - If the Auto Industry Wants to Avoid Shortages, They May Need to Invest in Mines

[Axolotl]

RIP

[whytestocks]

Breaking News: $GMO General Moly Announces Entry into Letter of Intent to Sell the Liberty Project

LAKEWOOD, CO / ACCESSWIRE / September 3, 2020 / General Moly, Inc. (the "Company") (NYSE American:GMO)(TSX:GMO), the only western-exchange listed, pure-play molybdenum mineral development company, today announced that on September 1, 2020, it entered into a binding letter of intent with Path...

Find out more GMO - General Moly Announces Entry into Letter of Intent to Sell the Liberty Project

[Axolotl]

Lights out for GMO. Done dirty by the Chinese. This is why you don't do business with them. ??

[DeafTrader2]

GMO BK by Sept. AVOID THIS

Q will be added soon ..

SURPRISE MAY NOT BE GOOD GAMBLE

[sharky]

GMO on watch




$GMO

[Investolator]

GMO has not seen .50 for almost three years. Let us get there before thinking of 1.50.

[Hitman970]

I sold this one.

[makinezmoney]

$GMO: Lemme get back to you in a few days


So we can circle back on that telescope.



GO $GMO

[bidmark]

$1.50? I think you’re going to need a telescope!

[makinezmoney]

$GMO: At $0.30.... ready to pop HARRRRddddddddddddd



Just like $PLM just did......... big time.


Added 100k at $0.30


Looking for $1.50 here




GO $GMO

[Neight]

I think we knew this was coming. Ouch.
LAKEWOOD, COLORADO, March 17, 2020 – General Moly, Inc. (General Moly or the “Company”) (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum (“moly”) mineral development company, previously announced that on September 12, 2019, it received a deficiency letter (“Letter”) from the NYSE American stock exchange indicating that pursuant to Section 1003(f)(v) of the NYSE American Company Guide, the Company’s common stock has been selling for a low price per share for a substantial period of time. The Letter stated that the Company must demonstrate an improved share price improvement or effect a reverse stock split of its common stock by no later than March 12, 2020, in order to maintain the listing of the Company’s common stock on the NYSE American.
On March 12, 2020, the Company was advised by the NYSE American that the Company did not cure its price deficiency for both the absolute and average stock prices for the Company to exceed $0.20 by the end of the six-month period on March 12, 2020. The GMO stock price was trading then at $0.16 on an absolute and $0.20 on an average basis.
Given the recent downdraft of the financial markets with COVID-19 concerns as well as a weaker GMO stock price, the Company will seek shareholder approval at its next Annual Meeting of Stockholders in 2020 to affect a reverse stock split to raise its trading price and remedy the NYSE American listing deficiency. The Company has notified the NYSE American of the Company’s Board of Directors’ action to set a record date of April 27, 2020 and schedule the Company’s Annual Meeting of Stockholders in Lakewood, Colorado on June 19, 2020. The Company anticipates mailing its Proxy Statement, inclusive of a proposal to authorize the Board to consider a reverse stock split and Annual Report to stockholders in early May of 2020.
The NYSE American has granted the Company additional time until its 2020 Annual Meeting of Stockholders to implement a reverse stock split.
Chief Executive Officer Bruce D. Hansen commented, “These are challenging times for us all as global citizens in a pandemic. The moly price has weakened in recent days to below $10 per pound but is still above $9 per pound, while our stock price, which was over 20 cents largely through February, has also declined.”
In the interim, the Company's common stock remains listed on the NYSE American, under the trading symbol “GMO”, subject to the Company’s compliance with other continued listing requirements and subject to the trading price remaining above a required $0.06 minimum per share. The NYSE American has added the designation of “.BC” to indicate that the Company is below compliance with the listing standards set forth in the Company Guide. The NYSE American notification of continued listing deficiency does not affect the Company’s business operations or its reporting obligations under the Securities and Exchange Commission regulations. If the Company is unable to regain compliance, or if the stockholders fail to approve the proposed reverse stock split, the NYSE American has indicated it will initiate procedures to suspend and delist the Company’s common stock. Should that occur, the Company will consider alternative listing options.
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American, recently known as the NYSE MKT and former American Stock Exchange, and the Toronto Stock Exchange under the symbol GMO. The Company’s primary asset, an 80% interest in the Mt. Hope Project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with the Company’s wholly-owned Liberty Project, a molybdenum and copper property also located in central Nevada, General Moly’s goal is to become the largest primary molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent in steel manufacturing. When added to steel, molybdenum enhances steel strength, resistance to corrosion and extreme temperature performance. In the chemical and petrochemical industries, molybdenum is used in catalysts, especially for cleaner burning fuels by removing sulfur from liquid fuels, and in corrosion inhibitors, high performance lubricants and polymers.
Contact:
Scott Roswell
[phone]
[e-mail]
Website: www.generalmoly.com

[Neight]

http://www.generalmoly.com/wp-content/uploads/2020/03/2020-03-02-General-Moly-at-PDAC-final.pdf

[Neight]

Should see a little pop today
LAKEWOOD, COLORADO, December 10, 2019 – General Moly, Inc. (General Moly or the “Company”) (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum (“moly”) mineral development company, announced that yesterday the Company and Amer International Group Co. North America, Ltd. (“Amer NA”) an affiliate of Amer International Group Co. Ltd. (collectively “Amer”) have closed a $4 million private placement by Amer NA at a price of $0.40 per common share of General Moly under a new Securities Purchase Agreement (“SPA”) and Warrant, resolving the parties’ Dispute. (See the Company’s news releases dated November 19, 2019, August 28, and July 31, 2019.)
Additionally, the parties agreed to a mutual release, terminating the previous Investment and Securities Purchase Agreement, as amended, (“Prior Agreement”), the prior Warrant, and the Dispute Negotiation Extension Agreement (“Extension Agreement”). The parties’ previous Stockholder Agreement ended on its terms on November 24, 2019.
In addition to the 10 million shares issued by General Moly to Amer NA for this private placement, Amer NA also received 1.1 million General Moly common shares priced at $0.27/share, the 30-day volume weighted average price of the Company’s NYSE American-traded shares on December 6, 2019 utilizing the previously received $300,000 Extension Fee, pursuant to the terms of the Extension Agreement.
Under the SPA, Amer NA agreed to use reasonable best efforts to assist General Moly to obtain a loan of up to $700 million in project financing from one or more Chinese banks toward the funding of the Company’s 80% membership interest contribution for the construction and development of the Mt. Hope molybdenum project in Nevada. POS-Minerals Corporation holds the other 20% membership interest in the Mt. Hope Project operating company, Eureka Moly, LLC.
For every $100 million of sourced Chinese bank lending that Amer has assisted contributing to a completed $700 million project debt financing, Amer NA may exercise 12 million warrants issued in the new Warrant at a share price of $0.50 per share up to 80 million warrants.
Furthermore, upon closing of a minimum of $100 million from Amer’s efforts toward the completion of a Chinese bank $700 million project financing, Amer NA has the option to enter into a moly supply agreement with General Moly to purchase Mt. Hope moly at a small discount to spot pricing when the Mt. Hope Mine achieves full commercial production. The saleable amount of moly to Amer NA escalates from an aggregate 3 million pounds per year to 20 million pounds per year over the first five years of mine production based on the level of project financing assisted by Amer towards the $700 million project financing.
Chief Executive Officer Bruce D. Hansen commented, “On behalf of the Board, we thank Amer for its continued support of the Mt. Hope Project. This further investment by Amer in our Company underscores the economic appeal of the Mt. Hope Project and provides the capacity to pursue strategic alternatives and raise additional capital. We are also pleased to welcome Mr. Terry Lee, who was appointed to the Board of Directors to fill the vacancy left by Tong Zhang’s resignation in July.”
New Director
General Moly is pleased to announce the Board of Directors’ unanimous qualification and appointment of Amer director nominee Mr. Terry Lee, as a Class II director, serving the remaining term of Amer’s previous director nominee through to the Company’s annual meeting in 2021. Tong Zhang, the prior Amer director nominee, resigned in July, 2019.
Mr. Lee is Risk Advisory and Controls Manager for Amer Singapore and is responsible for identifying and managing operational risks, and controls compliance in Amer Singapore businesses. He also directs the business planning and budgeting process for the real estate and metals trading divisions. Prior to joining Amer Singapore in 2016, Mr. Lee was the Regional Enterprise Planning Manager for Sibelco Asia, a materials solutions conglomerate based in Belgium. He also has 14 years of experience in internal audit, beginning with Ernst and Young, progressing to several other companies, including CapitaLand Limited. He is a member of Institute of Singapore Chartered Accountants and Association of Chartered Certified Accountants (U.K.). Mr. Lee, who is based in Singapore, graduated with an International M.B.A. with an emphasis on corporate restructuring from the Emlyon business school, Lyon, France, and with a diploma in accounting from Ngee Ann Polytechnic, Singapore.
Amer may nominate a second director to the Board so long as its shareholding exceeds 20% of the Company’s shares outstanding.
Amer remains General Moly’s largest shareholder, with a total of 39.1 million shares or 26% of common shares outstanding as of the date of this announcement. General Moly has 150.1 million total common shares outstanding.
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American, recently known as the NYSE MKT and former American Stock Exchange, and the Toronto Stock Exchange under the symbol GMO. The Company’s primary asset, an 80% interest in the Mt. Hope Project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with the Company’s wholly-owned Liberty Project, a molybdenum and copper property also located in central Nevada, General Moly’s goal is to become the largest primary molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent in steel manufacturing. When added to steel, molybdenum enhances steel strength, resistance to corrosion and extreme temperature performance. In the chemical and petrochemical industries, molybdenum is used in catalysts, especially for cleaner burning fuels by removing sulfur from liquid fuels, and in corrosion inhibitors, high performance lubricants and polymers.
Contact:
Scott Roswell
[phone]
[e-mail]
Website: www.generalmoly.com

[whytestocks]

News: $GMO General Moly Expects to Report Quarterly Financial Results Next Week

LAKEWOOD, CO / ACCESSWIRE / November 14, 2019 / General Moly, Inc. (General Moly or the "Company") (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum mineral development company, announced that the Company has filed a Form 12b-25 Notification of Late Filin...

Got this from GMO - General Moly Expects to Report Quarterly Financial Results Next Week

[Axolotl]

They can't catch a break. Problem after problem.

[Neight]

More of a headache. They just need to get the mine up and operating.
20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Earliest Event Reported: November 5, 2019

General Moly, Inc.
(Exact name of registrant as specified in its charter)

Delaware

001-32986

91-0232000
(State or other jurisdiction
of incorporation)

(Commission
file number)

(IRS employer
identification no.)

1726 Cole Blvd., Suite 115
Lakewood, CO 80401
(Address of principal executive offices, including zip code)

[phone]
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 210.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which
registered
Common Stock, par value $0.001 per share

GMO

NYSE American and Toronto Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

[Axolotl]

Color me surprised. Do they have a division Incorporated in America?

[Neight]

LAKEWOOD, COLORADO, October 14, 2019 – General Moly, Inc. (General Moly or the “Company”) (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum mineral development company, announced that the Company and Amer International Group Co., Ltd (“Amer”) have entered into an Agreement to Extend Dispute Negotiation Period (“Extension Agreement”) concerning the Dispute Negotiation Notice provided to Amer on August 28, 2019. (See the Company’s news release of August 28, 2019.)
On October 11, 2019, the Company received the $300,000 extension fee to extend the Dispute Negotiation Period (“Extension Fee”) to November 15, 2019, pursuant to Schedule 4 of the parties’ Investment and Securities Purchase Agreement, as amended. With the payment, Amer shall have the right, at its option, to credit the Extension Fee among the following: 1) credit against a final negotiated settlement; 2) credit against any Amer payment obligation to General Moly, pursuant to an arbitration award; or 3) apply the Extension Fee as consideration for the purchase of the Company’s common stock, priced at the 30-day volume weighted average price, as of the date immediately prior to the date that Amer demands delivery of such shares.
The Company has agreed not to use the Extension Fee to fund any arbitration or formal dispute resolution process against Amer.
Both the Company and Amer express their mutual desire to pursue constructive settlement discussions. The Extension Agreement provides that a settlement meeting will be held between Amer Chairman Wang Wenyin and the Company’s Chief Executive Officer Bruce D. Hansen on November 15, 2019.
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American, recently known as the NYSE MKT and former American Stock Exchange, and the Toronto Stock Exchange under the symbol GMO. The Company’s primary asset, an 80% interest in the Mt. Hope Project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with the Company’s wholly-owned Liberty Project, a molybdenum and copper property also located in central Nevada, General Moly’s goal is to become the largest primary molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent in steel manufacturing. When added to steel, molybdenum enhances steel strength, resistance to corrosion and extreme temperature performance. In the chemical and petrochemical industries, molybdenum is used in catalysts, especially for cleaner burning fuels by removing sulfur from liquid fuels, and in corrosion inhibitors, high performance lubricants and polymers.
Contact:
Scott Roswell
[phone]
[e-mail]
Website: www.generalmoly.com

[ClayTrader]

* * $GMO Video Chart 10-01-2019 * *

Link to Video - click here to watch the technical chart video

[ClayTrader]

* * $GMO Video Chart 09-30-2019 * *

Link to Video - click here to watch the technical chart video

[whytestocks]

News: $GMO General Moly Receives Federal Record of Decision for the Mt. Hope Molybdenum Project in Nevada; Provides Update on Liquidity

LAKEWOOD, CO / ACCESSWIRE / September 30, 2019 / General Moly, Inc. (the "Company") (NYSE American:GMO)(TSX:GMO), the only western-exchange listed, pure-play molybdenum mineral development company, announced that the Company has received the final federal permit in the form of a Record of...

In case you are interested GMO - General Moly Receives Federal Record of Decision for the Mt. Hope Molybdenum Project in Nevada; Provides Update on Liquidity

[Neight]

LAKEWOOD, COLORADO, September 30, 2019 – General Moly, Inc. (the “Company”) (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum mineral development company, announced that the Company has received the final federal permit in the form of a Record of Decision (“ROD”) from the Bureau of Land Management for the Mt. Hope Project on September 27, 2019. The Mt. Hope Project has now received all permits from the State of Nevada and the federal government to allow construction and operation of the proposed molybdenum mine.
Receipt of the ROD marks completion of the National Environmental Policy Act process and approval of the Supplemental Environmental Impact Statement (“SEIS”) by the Bureau of Land Management and the U.S. Department of Interior for the Mt. Hope Project.
General Moly owns an 80% interest in the world-class Mt. Hope molybdenum (“moly”) project in Nevada through the Eureka Moly LLC (“EMLLC”) joint venture. POS-Minerals Corporation (“POS-M”), a wholly owned subsidiary of POSCO, the Korean steel company, owns the remaining 20% interest.
Chief Executive Officer and Chief Financial Officer Bruce D. Hansen said, “We are extremely pleased to have achieved this significant milestone for the Mt. Hope Project in re-obtaining the ROD and becoming fully permitted and construction ready. The Board of Directors and I thank our diligent staff and legal team for getting across the goal line after a lengthy process with an SEIS that will protect our community, consistent with our core values as a responsible corporate citizen, good neighbor and steward of the environment.
“We believe the Mt. Hope deposit is the best undeveloped and lowest-cost primary moly project in the world with leverage to anticipated rising moly prices from improving market fundamentals. As we continue to closely monitor the moly market, we are encouraged by moly’s stable prices over the past two years. With the ROD now in hand, we are intensifying our efforts with our financial advisors in seeking incremental liquidity, project financing, and strategic alternatives to maximize value for our shareholders and help the local economy.”
Engineering remains approximately 65% complete at the Mt. Hope moly project. Some preconstruction site work also was previously completed.
A development decision to proceed with construction of the Mt. Hope Project requires approval from POS-M and the Company’s Board of Directors, following receipt of project financing.
Update on Liquidity Matters
On September 26, 2019, the Company entered into a 90-day deferral and forbearance agreement with the primary holder of the 2014 Senior Convertible Notes, along with certain of the Company’s members of management and directors who participated in the 2014 debt offering. As a result, the Company will defer approximately $162,000 of interest payments due at the end of the third quarter 2019. The Company continues to explore opportunities with such note holders to exchange the notes for assets and/or extensions to the December 26, 2019 maturity date.
Additionally, on September 27, 2019, the Company entered into a Consent Agreement with POS-M to accelerate the repayment of the balance of $1 million the Company advanced to EMLLC to fund the initial settlement payment to the Kobeh Valley ranching family to settle protests to the Mt. Hope water applications, as announced in the Company’s May 14, 2019 news release. Prior to the Consent Agreement, the Company had been repaid $293,000 from the sale of EMLLC non-critical assets, leaving a balance of $707,000. The remaining balance will now be paid over three monthly installments beginning in October 2019, with the third installment subject to receipt of $400,000 in additional sales of EMLLC non-critical assets.
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American, recently known as the NYSE MKT and former American Stock Exchange, and the Toronto Stock Exchange under the symbol GMO. The Company’s primary asset, an 80% interest in the Mt. Hope Project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with the Company’s wholly-owned Liberty Project, a molybdenum and copper property also located in central Nevada, General Moly’s goal is to become the largest primary molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent in steel manufacturing. When added to steel, molybdenum enhances steel strength, resistance to corrosion and extreme temperature performance. In the chemical and petrochemical industries, molybdenum is used in catalysts, especially for cleaner burning fuels by removing sulfur from liquid fuels, and in corrosion inhibitors, high performance lubricants and polymers.
Contact:
Scott Roswell
[phone]
[e-mail]
Website: www.generalmoly.com

[Axolotl]

There is absolutely no way they are getting a penny out of this Chinese company.

They're wasting their time and money.

[Neight]

LAKEWOOD, COLORADO – August 28, 2019, General Moly, Inc. (the “Company”) (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum mineral development company, announced today that it has engaged King & Spalding, widely recognized as one of the world’s leading law firms in international arbitration and litigation, to represent the Company in its dispute against Amer International Group Co., Ltd. (“Amer”) for Amer’s default under the amended Investment Securities Purchase Agreement (“Agreement”). (See News Release dated July 31, 2019.)
In connection with Amer’s default, the Company formally notified Amer that a Dispute exists between the parties as a result of Amer’s failure to purchase 20,000,000 shares of General Moly common stock for a purchase price of $10,000,000. On July 29, 2019, the Company provided formal notice to Amer that the conditions to closing of Tranche 3 under the Agreement had been satisfied, and that Amer would have two business days (until the close of business on Tuesday, July 30, 2019) to fund and close Tranche 3. Amer failed to fund and close Tranche 3.
The notification requires that one representative of each of the executive management of the parties be designated and authorized to attempt to settle the Dispute and the representatives are to meet in good faith to resolve the Dispute. If the designated representatives do not resolve the dispute within 10 business days after delivery of the Notice, the Dispute will be subject to resolution by binding arbitration, pursuant to the Agreement. Any arbitration is to be held in Hong Kong under the rules of the International Chamber of Commerce.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, “We are very pleased to work with the attorneys at King & Spalding on this legal recourse. While we look forward to an opportunity to attempt to resolve the Dispute with Amer, we are mindful that the Dispute may need to be resolved in an arbitration. While we are confident in our position should the dispute move to arbitration, any award will likely not be available in the immediate future, if at all. We continue to seek immediate sources of liquidity, including evaluating potential strategic alternatives, working with the Company’s financial advisors XMS Capital Partners, Headwall Partners, and Odinbrook Global Advisors.”

[Neight]

LAKEWOOD, COLORADO – August 26, 2019, General Moly, Inc. (the “Company”) (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum mineral development company, announced today that the Final Supplemental Environmental Impact Statement (“SEIS”) Notice of Availability (“NOA”) for the Mt. Hope Project in Nevada was published in the Federal Register on August 23, 2019.
Previously, on March 6, 2019, the NOA for the Draft SEIS was published in the Federal Register, which commenced the 45-day public comment period. With the publication of the NOA for the Final SEIS, the U.S. Bureau of Land Management (“BLM”) and the Department of Interior have concluded their review of the Draft SEIS and comments received from the public. The SEIS addresses the narrow concerns raised by the December 28, 2016 Opinion of the U.S Court of Appeals for the Ninth Circuit.
A Record of Decision (“ROD”) is expected after a 30-day period from the August 23, 2019 NOA publication. Issuance of the ROD constitutes approval from the BLM, subject to environmental protection measures and mitigation, to develop and operate the Mt Hope Project molybdenum mine.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, “We are very pleased to achieve this important milestone in the Mt. Hope Project permitting process. We continue to expect receipt of a favorable ROD near the end of the third quarter of 2019. With the receipt of the water permits from the Nevada State Engineer as announced in the Company’s July 29, 2019 news release and the anticipated ROD in about 30 days, the Mt. Hope Project will be fully permitted for future development. Having a fully permitted Mt. Hope Project further enhances our capacity to attract incremental capital and pursue various other strategic alternatives with our financial advisors.
“In addition, with our cash on hand, plus proceeds from closing on non-core asset sales, we should have sufficient cash into October 2019. We also anticipate non-core asset sales by Eureka Moly, LLC, our 80%-owned joint venture company which operates the Mt. Hope Project, and the subsequent potential recovery of approximately $700,000 advanced to Eureka Moly.” (For further details about General Moly’s advance to Eureka Moly, please see the Company’s May 14, 2019 news release.)

[Neight]

We need some good news here, something that will propel us.

[Neight]

LAKEWOOD, COLORADO – August 13, 2019, General Moly, Inc. (the “Company” or “General Moly”) (NYSE AMERICAN and TSX: GMO), the only western-exchange listed, pure-play molybdenum (“moly”) development company, announced its financial results for the second quarter ended June 30, 2019.
Second quarter 2019 and to-date highlights:
The Company’s 80%-owned joint venture company, which operates the Mt. Hope Project, Eureka Moly, LLC (“EMLLC”) ended the quarter with a restricted cash balance of $5.6 million (100% basis) in a reserve account, and remains self-funded into 2021, based on current estimated care and maintenance expenses.
The Nevada State Engineer issued the water permits for the Mt. Hope Project as announced by the Company on July 29, 2019. The Company previously reached a settlement agreement with a Kobeh Valley, Nevada ranching family (“Ranchers”) resulting in the withdrawal of the last set of protests pertaining to the Mt. Hope Project’s water rights applications as announced by the Company on May 23, 2019.
Following receipt of the water permits, the Company provided a Notice to Fund to AMER International Group (“AMER”) under the third tranche of the parties’ Investment and Securities Purchase Agreement (“Purchase Agreement”) on or before July 30, 2019 (“Tranche 3”). AMER failed to fund and close by the deadline and is now in default. The Company believes that receipt of AMER’s later correspondence on August 1, 2019 attempting to terminate the Purchase Agreement is ineffective as AMER was then in default.
The federal Bureau of Land Management is preparing the final Supplemental Environmental Impact Statement (“SEIS”) ahead of issuing the anticipated Record of Decision (“ROD”) later this year authorizing the Mt. Hope Project’s Plan of Operations. The eventual construction and operation of the Mt. Hope project is further subject to positive market conditions and project financing.
Chief Executive Officer and Chief Financial Officer Bruce D. Hansen and Chief Operating Officer Robert Pennington invested further in General Moly through a private placement purchase of $400,000 of Series B Convertible Preferred Shares to provide interim incremental liquidity to the Company.
The moly oxide daily global spot price per pound is currently at $11.88, which is level with the price at yearend 2018 and $10.25 at yearend 2017, according to Platts. The moly price ranged from a low of $11.85/lb to a high of $12.38/lb and averaged $12.18/lb during the second quarter, 5% higher than the average of $11.63/lb in 2Q 2018.
Consolidated net loss for the three months ending June 30, 2019 was $2.5 million ($0.02 per share), compared to a consolidated net loss of $3.1 million ($0.02 per share) for the 2Q 2018. The net loss for the second quarter included a non-cash loss of $1.3 million from the sale of non-core land. At the end of the second quarter, the Company had $0.4 million in unrestricted cash and equivalents.
Following the $400,000 private placement described above, which closed on August 7, 2019, the Company has sufficient cash to fund its working capital needs through August 2019. With AMER’s default concerning its obligation to fund Tranche 3, the Company will have inadequate cash to continue operations and will have to evaluate its options going forward, including pursuing asset sales and short-term financing options. If unsuccessful in obtaining sufficient financing, the Company may consider bankruptcy protection, as stated in the Company’s July 29, 2019 news release.
The Company’s financial advisors, XMS Capital Partners, Headwall Partners, and Odinbrook Global Advisors (collectively, the “Advisors”), are engaged by the Board of Directors to assist in securing interim financing and negotiating with debt holders and other potential stakeholders, as announced in the Company’s March 13, 2019 news release.
Mr. Hansen said, “Our management and Board of Directors have been working diligently with our Advisors to address our financial liquidity issues. We are extremely disappointed that AMER failed to fulfill its obligation under the Purchase Agreement at a critical juncture for our Company. We are working closely with our legal consultants on the appropriate recourse to safeguard our legal rights under the Purchase Agreement.
“Now that we have received the water permits for the Mt. Hope Project, we are in the final stretch to receive a federal Record of Decision later this year for the eventual development and construction of the Mt. Hope Project with our joint venture partner, POS-Minerals (“POSCO”), subject to a positive molybdenum market and financing conditions. We are determined to realize value for the Mt. Hope Project, one of the largest, highest-grade, and undeveloped primary moly deposits in the world, and maximize value for our shareholders.”
AMER, based in Shenzhen, China, is a non-ferrous metals and manufacturing conglomerate.
Cash Flow
Consolidated uses of cash in 2Q 2019 included $1.3 million in general and administrative cash costs, $1.0 million advancement from General Moly to EMLLC, $2.3 million in care and maintenance for the Mt. Hope Project, and $0.2 million for care and maintenance at the Liberty Project.
Through an agreement with POSCO, General Moly advanced $1.0 million on behalf of EMLLC for the initial settlement payment resolving the final protest to the Mt. Hope Project’s water rights applications, as detailed in the Company’s May 14, 2019 news release. General Moly sourced $500,000 from its available cash, and $500,000 from closing a Series A Preferred Convertible Shares private placement with Mount Hope Mines Inc. (“MHMI”), the project’s claim and land lessor.
The Company’s $1.0 million advance is to be repaid by EMLLC from the proceeds of ongoing sales of non-critical Mt. Hope Project equipment assets and property. In June 2019, approximately $300,000 was returned. Approximately $700,000 will be returned upon future sales.
The general and administrative costs including non-cash stock compensation for 2Q 2019 of $2.0 million were 28% lower than 2Q 2018 costs of $2.7 million, which then included $1.7 million in costs associated with accelerated non-cash depreciation of the acquisition and the installation costs of a new accounting software that lowered ongoing overhead costs.
Interest expense for the three months ended June 30, 2019 and 2018 was $0.4 million and $0.2 million, respectively, due primarily to a larger non-cash, mark-to-market adjustment related to the Senior Convertible Promissory Notes in 2019 than in 2018.
Cash outflows were partially offset by a combined $900,000 received from closing the private placements of Series A Convertible Preferred Shares from March into the second quarter by Messrs. Hansen and Pennington. This equity investment provided liquidity for the Company’s working capital needs, with the intent of bridging to the receipt of the expected $10.0 million Tranche 3 private placement by AMER which later defaulted on the funding and closing of Tranche 3. Please refer to the Company’s March 13, 2019 and July 31, 2019 news releases.
Table 1: Financial Summary


Table 2: Balance Sheet Summary


* Note that 4,000 Series B Convertible Preferred Shares were issued in August 2019.
Additional Management Private Placement – Series B Convertible Preferred Shares
On August 7, 2019, Messrs. Hansen and Pennington’s closed on a $400,000 private placement, now in Series B Convertible Preferred Shares, that like the earlier Series A Convertible Preferred Share placement carry a 5% annual dividend and are priced at $100.00/preferred share. The preferred shares are convertible at any time at the holder’s discretion into common shares whereby one preferred share converts at a price of $0.20/common share to 500 common shares. The conversion price was set as the closing price of the common stock on the day before the announcement of the private placement. Upon maturity or full repayment of the $7.1 million notes from the 2014 private placement currently outstanding, the preferred shares will be mandatorily redeemed in exchange for equivalent cash for the principal invested, plus any accrued and unpaid dividends.
Mt. Hope Project
As announced in the Company’s July 29, 2019 news release, the Mt. Hope Project received its water permits from the Nevada State Engineer. In addition, the period for judicial review of Nevada State Engineer's approval of the water applications for the issuance of the water permits has expired and no requests for review were received.
Engineering remains approximately 65% complete at the Mt. Hope moly project. Currently, there is no ongoing engineering and procurement effort.
Stable Moly Prices
The recent molybdenum price was approximately $11.88/lb, according to Platts. The molybdenum price ranged from a low of $11.85/lb to a high of $12.38/lb and averaged $12.18/lb during the second quarter, 5% higher than the average of $11.63/lb in 2Q 2018.
While prices can be volatile, molybdenum prices are expected to continue strengthening over the next several years, according to the CPM Group, a leading commodities research and consulting firm. CPM projects per pound average real prices of $13.36 in 2019, $15.03 in 2020, $16.61 in 2021, and $17.53 to $17.71 in 2022-2025.
Approximately 70% of molybdenum’s first use is for steel production as molybdenum is a premier alloy to strengthen steel and make it corrosion resistant. Most of moly in steel is consumed by the specialty steels, an expanding, value-added segment accounting for approximately 10% of overall steel production. Within the specialty steels segment, stainless steel accounts for the largest use of molybdenum at 21% and full alloy steel accounts for 20% of total molybdenum consumption.
The International Stainless Steel Forum (“ISSF”) estimates that 2018 global stainless steel production increased by 5.5% from 2017 to 50.7 million metric tons. China led the expansion showing a year-over-year increase of 3.7% to 26.7 million metric tons, accounting for approximately 53% of global stainless steel output. During the first quarter 2019, ISSF reported that global stainless steel output softened by 2.5% year-over-year to 12.5 million metric tons mostly from declines in Europe and Asia, excluding China and South Korea.
In addition, demand has been strong for molybdenum due to increased output in oil country tubular goods (steel containing molybdenum), driven by a more robust oil and gas industry. CPM estimates 16% of molybdenum was consumed by the oil and gas industry in 2018, which while being a notable increase is below the historical pre-2014 average of 20%. Oil and gas drilling, including the shale industry, relies on specialty steel and high-strength tubular steel. Worldwide oil and gas drilling increased 3% year-over-year in the second quarter 2019, according to the global oil and gas rig count by Baker Hughes, a GE company.
On the supply side, the CPM Group estimates that the molybdenum market was near equilibrium with a growing deficit in 2019-2021. CPM projects that the deficit will shrink in 2022 followed by small surpluses in 2023-2025.
Chart 1: Moly Weekly Spot Price (1/8/2004 – 8/9/2019)


Source: Platts
2019 Priorities
General Moly’s ongoing priorities for 2019 are to:
· Continue to reduce costs and obtain financial liquidity to provide near-term and longer term sustainability of the Company.
· Move the Mt. Hope Project into construction-ready status by completing the final SEIS and receiving the ROD from the BLM.
· Fully evaluate all strategic options available to the Company to create the best value for shareholders, given a positive outlook for rising molybdenum prices and anticipated receipt of final Mt. Hope Project permits.
*****
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American, recently known as the NYSE MKT and former American Stock Exchange, and the Toronto Stock Exchange under the symbol GMO. The Company’s primary asset, an 80% interest in the Mt. Hope Project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with the Company’s wholly-owned Liberty Project, a molybdenum and copper property also located in central Nevada, General Moly’s goal is to become the largest primary molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent in steel manufacturing. When added to steel, molybdenum enhances steel strength, resistance to corrosion and extreme temperature performance. In the chemical and petrochemical industries, molybdenum is used in catalysts, especially for cleaner burning fuels by removing sulfur from liquid fuels, and in corrosion inhibitors, high performance lubricants and polymers.
Contact:
Scott Roswell
[phone]
[e-mail]
Website: www.generalmoly.com

[Neight]

I’m hoping it’s enough to buy them some time, though I don’t know how much time it will buy them. Should be fairly easy to find funding now that permits and water rights are settled.

[420man]

Grabbed some @ .20, but I don't see how $400K is going to suffice for $10M. Any ideas?

[Neight]

LAKEWOOD, COLORADO, August 1, 2019 – General Moly, Inc. (the “Company”) (NYSE American and TSX: GMO) announced that Chief Executive Officer and Chief Financial Officer Bruce D. Hansen and Chief Operating Officer Robert Pennington are investing in General Moly through a private placement purchase of $400,000 of Series B Convertible Preferred Shares of General Moly to provide interim incremental liquidity to the Company. The transaction has been approved by the Audit Committee of the Board of Directors and is anticipated to close by the end of next week.
Earlier this year, Messrs. Hansen and Pennington, also invested a combined $900,000 in a private placement of Series A Convertible Preferred Shares, which provided liquidity for the Company’s working capital needs. The objective of the Series A Convertible Preferred issuance was to bridge to the receipt of the expected $10 million Tranche 3 private placement by AMER International Group (“AMER”). For further details, please see the Company’s March 13, 2019 news release.
The objective of the Series B Convertible Preferred issuance is to provide near-term liquidity necessitated by AMER’s default of the parties’ amended Investment Securities Purchase Agreement (“Agreement”) by its failure to provide funding for a $10 million Tranche 3 private placement, as stated in the Company’s July 31, 2019 news release. General Moly sent AMER a notice of default yesterday. Messrs. Hansen and Pennington have invested a combined $1.3 million in General Moly through these two private placements.
Mr. Hansen said, “Our private placement funding provides immediate near-term liquidity to allow management and the Board to work with our financial advisors to seek additional longer-term capital. We are seeking $10+ million in financing options to carry our Company to the receipt of the Record of Decision (“ROD”) and to allow for sufficient time to evaluate various potential strategic alternatives.
“We are on the cusp of receiving final permits for the Mt. Hope Project with the work underway on finalizing the Supplemental Environmental Impact Statement leading to approval and issuance of the ROD, which we anticipate later this year. It is exceedingly disappointing that AMER did not fulfill its obligation at this critical juncture after having made two private placement investments totaling $10 million in 2015 and 2017.”
The Series B Convertible Preferred Shares carry a 5% annual dividend and are priced at $100.00/preferred share, convertible at any time at the holder’s discretion into common shares whereby one preferred share converts at a price of $0.20/common share to 500 common shares. The conversion price was set as yesterday’s closing price of the common stock, the day before this announcement of the private placement. Upon maturity or full repayment of the $7.1 million convertible debt currently outstanding, the preferred shares will be mandatorily redeemed in exchange for equivalent cash for the principal invested, plus any accrued and unpaid dividends.
Management is also evaluating the sale of other non-core assets held within General Moly to potentially raise additional capital.
In addition, the Company’s 80%-owned joint venture Eureka Moly, LLC (“EMLLC”) has an obligation to return $1 million to General Moly, which General Moly advanced to EMLLC to make the initial payment due under a settlement agreement with the last protester to the Mt. Hope Project water application. Please see the Company’s May 14, 2019 news release for further details.
During the second quarter of 2019, EMLLC returned to General Moly approximately $300,000 from the proceeds of sales of non-core assets. The remaining $700,000 will be returned to General Moly upon future sale of non-core EMLLC assets.
General Moly is seeking immediate sources of liquidity and is evaluating potential strategic alternatives, working with the Company’s financial advisors XMS Capital Partners, Headwall Partners, and Odinbrook Global Advisors.
*****

[Neight]

They’ve survived worse. Such as when their major lender was charged with murder in China and subsequently executed. This is surely serious but I think they can pull through the other side.

[420man]

So, GMO is now in a legal tiff with their largest shareholder/financier... That can't be good!

As a result of AMER’s failure to fund $10 million per the Agreement, General Moly is seeking immediate sources of liquidity and is evaluating potential strategic alternatives, working with the Company’s financial advisors XMS Capital Partners, Headwall Partners, and Odinbrook Global Advisors (“Advisors”). The Company is also working concurrently with its legal advisors on the appropriate legal recourse and safeguarding the Company’s legal rights under the Agreement.

The range of strategic alternatives may include sourcing of potential incremental capital financing, sale of interest(s) in the assets of the Company or the Company, and restructuring of the convertible debt issued in a December 2014 private placement, which matures in December 2019

[420man]

WOW... This is going to be an epic tank!

[willlbone]

"General Moly is seeking immediate sources of liquidity and is evaluating potential strategic alternatives"

[Neight]

LAKEWOOD, COLORADO, July 31, 2019 – General Moly, Inc. (the “Company”) (NYSE American and TSX: GMO) announced that the AMER International Group is in default of the parties’ amended Investment Securities Purchase Agreement (“Agreement”) by failing to provide funding for a Tranche 3 private placement yesterday.
The obligation of the Company’s largest shareholder, AMER International Group (“AMER”) to invest $10 million for 20 million common shares priced at $0.50 per share (“Tranche 3”) was triggered by the Company’s receipt of the water permits from the Nevada State Engineer, as set forth in the Agreement. The Company provided formal notice to AMER, which had two business days until the close of business on Tuesday, July 30, 2019 to fund and close Tranche 3.
With AMER’s default with respect to its obligation to fund Tranche 3, the Company will have inadequate cash to continue operations and will have to evaluate its options going forward, including pursuing asset sales, short-term financing options and, if unsuccessful in obtaining sufficient financing, the possibility of seeking bankruptcy protection, as stated in the Company’s July 29, 2019 news release.
As described in the July 29, 2019 news release, AMER previously provided the Company with a letter indicating that AMER is considering terminating the Agreement based on alleged uncured material adverse effects and alleged breaches of the Agreement by the Company (which include concerns related to US/China relations, concerns regarding the delay in obtaining environmental permits and solvency concerns). The Company believes such assertions to be inaccurate and wholly without merit.
As a result of AMER’s failure to fund $10 million per the Agreement, General Moly is seeking immediate sources of liquidity and is evaluating potential strategic alternatives, working with the Company’s financial advisors XMS Capital Partners, Headwall Partners, and Odinbrook Global Advisors (“Advisors”). The Company is also working concurrently with its legal advisors on the appropriate legal recourse and safeguarding the Company’s legal rights under the Agreement.
The range of strategic alternatives may include sourcing of potential incremental capital financing, sale of interest(s) in the assets of the Company or the Company, and restructuring of the convertible debt issued in a December 2014 private placement, which matures in December 2019.
In addition, AMER’s director nominee Tong Zhang resigned from the Company’s Board of Directors for personal reasons. AMER retains the right to nominate Mr. Zhang’s replacement.
Since 2015, AMER has made two private placements purchasing $10 million in the Company’s common stock. AMER is a non-ferrous metals and manufacturing conglomerate based in Shenzhen, China. AMER is ranked 119 in the Fortune Global 500 list of international companies based on annual revenues.
*****
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American, recently known as the NYSE MKT and former American Stock Exchange, and the Toronto Stock Exchange under the symbol GMO. The Company’s primary asset, an 80% interest in the Mt. Hope Project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with the Company’s wholly-owned Liberty Project, a molybdenum and copper property also located in central Nevada, General Moly’s goal is to become the largest primary molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent in steel manufacturing. When added to steel, molybdenum enhances steel strength, resistance to corrosion and extreme temperature performance. In the chemical and petrochemical industries, molybdenum is used in catalysts, especially for cleaner burning fuels by removing sulfur from liquid fuels, and in corrosion inhibitors, high performance lubricants and polymers.
Contact:
Scott Roswell
[phone]
[e-mail]

Website: www.generalmoly.com

[420man]

Tick Tock....Pursuant to the Agreement the Company has provided formal notice to its largest shareholder, AMER. AMER has two business days until the close of business on Tuesday, July 30, 2019 to fund and close Tranche 3.

[Neight]

That would certainly explain the downward pressure it’s had the last few trading sessions.

[Axolotl]

Wouldn't be surprising.

It's been a very long time and with the way US/China relations are atm they might just be being strongarmed into ditching GMO.

[420man]

Wondering if this is a slight of hand move to get retail out...or if it's really going to happen....

Seems AMER is saying to GMO that they are tired of giving them money for nothing.


AMER has provided the Company with a letter indicating that AMER is considering terminating the Agreement based on alleged uncured material adverse effects and alleged breaches of the Agreement by the Company (which include concerns related to US/China relations, concerns regarding the delay in obtaining environmental permits and solvency concerns). The Company believes such assertions to be inaccurate and wholly without merit.

Should AMER default with respect to its obligation to fund Tranche 3, the Company will have inadequate cash to continue operations and will have to evaluate its options going forward, including pursuing asset sales, short-term financing options and the possibility of seeking bankruptcy protection.

[Neight]

Need to hear something positive here soon.

[Neight]

Let’s move higher!