Molycorp (NYSE: MCP) Declares Preferred Dividend & Announces Mandatory Conversion of Series A Preferred Stock
For Release: Â 4:01 p.m. Eastern,Â 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 $0.001 for each share of
Preferred stock converted. There are currently 2,070,000 shares of Preferred
Stock outstanding, and a total of approximately 4,140,000 shares of Common Stock
will be issued upon conversion of the Preferred Stock.
From and after the Mandatory Conversion Date, the Preferred Stock not previously
converted will be deemed to be no longer outstanding and all rights of the
holders with respect to such Preferred Stock will terminate, except for the
right to receive the number of whole shares of common stock issuable upon
conversion of the Preferred Stock, as described.
Source: Â Molycorp, Inc. ($MCP)
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For more information:
Jim Sims, +1 (303) 843-8062
Vice President, Corporate Communications
Brian Blackman, +1 (303) 843-8067
Vice President, Investor Relations
About Molycorp, Inc.
Â Â 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,Â 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. Â 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.Â For more information please visit
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Source: Molycorp, Inc. via GlobeNewswire