Moly Mines Limited (TSX:MOL)(ASX:MOL) and Hanlong Mining Investment Pty Ltd have agreed a “variation letter” to the Subscription Agreement dated 19 October 2009.
The press release is quoted as saying:
Recent delays have been accommodated by now allowing the transaction to complete as late as 30 April 2010. At completion Hanlong will become the majority shareholder in the Company subscribing for US$140 million in equity which will be used to immediately retire the Trust Company of the West (TCW) Interim Financing Facility. As well Hanlong will provide a US$60 million 10 year shareholder loan.
