General Moly Inc. (fka GMOLQ)

[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