COLORADO, Dec. 29 /CNW/ - Hanlong (USA) Mining Investment Inc.
("Hanlong") announces that as of December 20, 2010, it has acquired by
way of private placement from General Moly Inc. (NYSE Amex and TSX:
GMO) (the "Corporation") 11,843,341 shares of common stock (the
"Purchased Shares") for a total consideration of US$40,000,000. The
Purchased Shares so acquired constitute 13.9% of the issued and
outstanding shares of the Corporation (12.5% of fully diluted
interest). These Purchased Shares were issued as the Tranche 1 shares
pursuant to a Securities Purchase Agreement made between the
Corporation and Hanlong dated March 4, 2010 (the "Purchase
Agreement"). Before the acquisition, Hanlong does not hold any share
of common stock of the Corporation. Pursuant to the Purchase
Agreement, Hanlong has the right and obligation to acquire such number
of additional shares which together with the Purchased Shares will
amount to 25% of the fully dulited interest of the Corporation at the
time and on the conditions as specified in the Purchase Agreement for
an additional consideration of US$40 million. Xiao Hui is a director
and officer of Hanlong and has all the voting and investment power in
respect to the Purchased Shares delegated to him by the board of
directors of Hanlong.
The Purchased Shares were acquired in the normal course of Hanlong's
investment activities. Hanlong may, directly or indirectly, at any time
and from time to time, increase or decrease its beneficial ownership or
control or direction of the Corporation's securities depending on
future economic or market conditions.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
SOURCE HANLONG (USA) MINING INVESTMENT INC.
For further information: For further information:
Hanlong (USA) Mining Investment Inc.
c/o Suite 2903, 9 Castlereagh Street, Sydney
NSW 2000 Australia