Moly Mines Reports Appointment of Company Secretary / Staff Reductions / Employee Options
November 30 2012 - 7:45AM
Marketwired
Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to advise the
Company's General Counsel, Mr. Martijn Bosboom, has been appointed
Company Secretary, effective today.
Mr. Andrew Worland ceases employment with, and as Company
Secretary of, Moly Mines today. A number of other senior managers
and staff have also left Moly Mines today as part of efforts,
foreshadowed in the September 2012 Quarterly Report, to reduce the
corporate and administration costs of the Company. We thank all
affected staff for the dedication and loyalty to the Company and
wish them well in their future endeavors.
Moly Mines is in a strong financial position with $47.5 million
cash on hand and net current assets of $69.3 million as at 31st
October 2012.
The Board of Directors has agreed that options issued to
employees that have left the Company today will be cancelled except
for those employee options that were to vest on 14th February 2013.
A summary of employee options currently outstanding is
attached.
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Grant date 14th February 2012
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Expiry date 14th February 2016
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Exercise price $0.55
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Vesting price $0.65
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Vesting date 14th Feb 2013 14th Feb 2014 14th Feb 2015 Total
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Number issued 5,116,650 5,116,672 5,116,678 15,350,000
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Number cancelled
through
resignation (766,664) (766,668) (766,668) (2,300,000)
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Number cancelled
through
termination - (1,266,677) (1,266,670) (2,533,337)
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Number
outstanding 4,349,986 3,083,337 3,083,340 10,516,663
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This news release includes "forward-looking statements" as that
term within the meaning of securities laws of applicable
jurisdictions. Forward-looking statements involve known and unknown
risks, uncertainties and other factors that are in some cases
beyond Moly Mines' control. These forward- looking statements
include, but are not limited to, all statements other than
statements of historical facts contained in this news release,
including, without limitation, those regarding Moly Mines' future
expectations. Readers can identify forward-looking statements by
terminology such as "aim," "anticipate," "assume," "believe,"
"continue," "could," "estimate," "expect," "forecast," "intend,"
"may," "plan," "potential," "predict," "project," "risk," "should,"
"will" or "would" and other similar expressions. Risks,
uncertainties and other factors may cause Moly Mines' actual
results, performance, production or achievements to differ
materially from those expressed or implied by the forward-looking
statements (and from past results, performance or achievements).
These factors include the failure to complete and commission the
mine facilities, processing plant and related infrastructure in the
time frame and within estimated costs currently planned; variations
in global demand and price for molybdenum and copper; fluctuations
in exchange rates between the U.S. dollar and the Australian
dollar; failure to recover the resource and reserve estimates of
the Project; the failure of Moly Mines' suppliers and service
providers to fulfill their obligations under construction, supply
and tolling agreements; unforeseen geological, physical or
meteorological conditions, natural disasters or cyclones; changes
in the regulatory environment, industrial disputes, labor
shortages, political and other factors; the inability to obtain
additional financing, if required, on commercially suitable terms;
and global and regional economic conditions. Readers are cautioned
not to place undue reliance on forward-looking statements. We
assume no obligation to update such information.
ABN 32 103 295 521
Contacts: Moly Mines Limited Natalie Frame Investor Relations +1
416 777 1801 / +1 416 371 7541info@molymines.com Moly Mines Limited
Mr. Martijn Bosboom Company Secretary +61 8 94293300
www.molymines.com