On September 1, 2020, General Moly, Inc. (the “Company”) entered into a binding letter of intent with Pathfinder Minerals LLC, a Nevada corporation (”Pathfinder”), for the sale by the Company of Liberty Moly LLC and all assets owned by the Company that constitute the Liberty Project. Pathfinder paid the Company $1,000,000 in cash in connection with the execution of the letter of intent. Upon execution of a definitive Purchase Agreement and transfer of title on or before September 15, 2020, Pathfinder will make an additional payment of $1,000,000 to the Company. A further $1,000,000 will be payable on completion of commissioning of a production plant of any metal commodity on the property. The Company will retain a 3% net smelter return royalty on molybdenum production from the property.
On September 3, 2020, the Company issued a press release announcing the entry into the Liberty Project letter of intent with Pathfinder. A copy of the press release is attached hereto as Exhibit99.1 to this Current Report on Form8-K.
Item 9.01
Financial Statements and Exhibits
(d)Exhibits
General Moly, Inc ExhibitEX-99.1 2 gmo_ex991.htm PRESS RELEASE gmo_ex991 Exhibit 99.1 General Moly Announces Entry into Letter of Intent to Sell the Liberty Project LAKEWOOD,…
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About General Moly, Inc. (TSE:GMO)
General Moly, Inc. is engaged in the business of the exploration, development and mining of properties containing molybdenum. The Company, through its subsidiary, Eureka Moly, LLC, holds interest in the Mt. Hope Project, a molybdenum property, located in Eureka County, Nevada. The Mt. Hope Project contains molybdenum reserves totaling approximately 1.4 billion pounds of which 1.2 billion pounds are estimated to be recoverable. It also owns a molybdenum and copper project, the Liberty Project, located in Nye County, Nevada. Its other mining properties include over 100 acres of fee simple land in the Little Pine Creek area of Shoshone County, Idaho; six patented mining claims known as the Chicago-London group, located near the town of Murray in Shoshone County, Idaho; 30 unpatented mining claims in Marion County, Oregon, known as the Detroit property, and 80 unpatented mining claims in Sanders and Madison County, Montana.
