Molycorp Prices Initial Public Offering

GREENWOOD VILLAGE, Colo., Friday, July 30th 2010 [ME NewsWire]:

(BUSINESS WIRE)-- Molycorp, Inc., whose wholly owned subsidiary, Molycorp Minerals, LLC, is a U.S. rare earth producer and technology company, today announced that it had priced its underwritten initial public offering of its common stock. Molycorp has agreed to sell 28,125,000 shares of common stock in the offering at a price of $14.00 per share. Additionally, Molycorp has granted the underwriters an option to purchase up to 4,218,750 shares of common stock to cover over-allotments, if any. Molycorp’s common stock began trading on the New York Stock Exchange on July 29, 2010 under the symbol “MCP.” The offering is expected to close on August 3, 2010, subject to customary closing conditions.


Molycorp expects to use the net proceeds of the offering primarily to fund a portion of the modernization and expansion of its Mountain Pass, California rare earth mining and production facility.


Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc. are acting as joint book-running managers for the offering. CIBC World Markets Corp., Credit Suisse Securities (USA) LLC, Stifel, Nicolaus & Company, Incorporated, Dahlman Rose & Company, LLC, Piper Jaffray & Co., Knight Capital Markets LLC, Houlihan, Lokey, Howard & Zukin Capital, Inc. and GMP Securities L.P. are acting as co-managers for the offering.


A registration statement relating to the offering of these securities has been filed with, and declared effective by, the Securities and Exchange Commission. The offering may be made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014 (1-866-718-1649, email address: prospectus@morganstanley.com); or from J.P. Morgan Securities Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 (1-866-803-9204).

This press release shall not constitute a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

For media enquiries, please contact:

Molycorp
Jim Sims, +1-303-503-6203