*** NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES ***
Adanac Molybdenum Corporation
Announces completion of Previously Announced Financing
Proceeds
to Partially Fund Construction, Equipment Purchases, and for Flow-Through
Eligible Expenditures for the proposed Ruby Creek Project
Vancouver, British Columbia -- December 31, 2007 -- (TSX: AUA) (PINK SHEETS: AUAYF)
(FRANKFURT: A9N) Adanac Molybdenum Corporation (the
�Company�) is pleased to announce that it has completed its previously
announced financing (the �Financing�), raising gross proceeds of $15,367,241 to partially fund construction of the Company�s
proposed Ruby Creek molybdenum project.
Under the Financing, the Company issued
o
7,142,857 flow-through shares at a
price of $1.05 per share; and
o
8,281,306
units at a price of $0.95 per unit, with each unit consisting of one common
share and one-half of one common share purchase warrant. Each full warrant is
exercisable at a price of $ 1.20 until December 31, 2009.
The Financing was conducted on a best efforts agency
basis. Haywood Securities Inc. and MGI Securities Inc. were the co-lead
agents of the syndicate that included D&D
Securities Company, Desjardins Securities Inc., Fraser Mackenzie Ltd. and Jennings Capital Inc.
The Financing follows Adanac�s
October 17, 2007 announcement that the Company is retaining a U.S. investment bank in respect of
a proposed debt offering totaling US$600 million. Proceeds from the proposed
debt offering will be used for the Ruby
Creek project.
About Adanac Molybdenum
Adanac Molybdenum Corporation is
engaged in the exploration and development of mines to produce molybdenum and ferro-alloy metals. Adanac�s
flagship property is the proposed Ruby Creek molybdenum project, located near Atlin, B.C. The property contains open pit reserves of
157.7 million tonnes grading 0.058% Mo at a 0.040% Mo
cut-off grade. Procurement of long lead time equipment has been completed and
construction has begun.
This news release has been reviewed by Rick
Alexander, P.Eng, a qualified person pursuant to National Instrument 43-101.
Information
Contact
Michael MacLeod
President & CEO
Head Office: Suite
200 � 2055 152 Street, Surrey,
B.C. V4A 4N7
Corporate Office: 2A 15782 Marine Drive, White Rock, B.C. V4B
1E6
Telephone: 604-531-9639 Facsimile:
604-531-9634
Email: info@adanacmoly.com
The Toronto Stock Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this release.
www.adanacmoly.com
This message was sent from Hope. It was
sent from: Adanac Moly,
2A 15782 Marine Dr,
White Rock,
BC V4B 1E6,
Canada.
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