*** NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ***
Adanac Molybdenum Corporation
Announces Final Terms
To Previously Announced Financing
Proceeds to Partially Fund Construction,
Equipment Purchases, and for Flow-Through Eligible Expenditures for Ruby Creek
Project
Vancouver,
British Columbia -- December 21, 2007 -- (TSX: AUA) (OTC: AUAYF) (FRANKFURT:
A9N) Following the December 10, 2007 filing of a preliminary short form
prospectus in the Provinces of British Columbia, Alberta and Ontario in respect
of an offering (the �Offering�) to raise
up to $15 million to partially fund construction of the company�s proposed Ruby
Creek molybdenum project.
Under
this Offering the Company seeks to raise up to the $15
Million total with two classes of securities:
o
flow-through shares at a price of $1.05; and
o
units at $0.95, with each unit consisting of one common
share and one-half of one common share purchase warrant at a price of $�������� 1.20 with each warrant to be
exercisable for a period of 24 months from the applicable closing date.
The
entire transaction is scheduled to close December 31, 2007.
The
Offering will be conducted on a best efforts agency basis. Haywood Securities Inc. and MGI
Securities Inc. are the co-lead agents of the syndicate that includes D&D Securities Company, Desjardins
Securities Inc., Fraser Mackenzie Ltd. and Jennings Capital Inc. (collectively, the �Agents�).
In
consideration for the services to be rendered by the Agents under the Offering,
the Agents will receive a cash commission of 5% of the gross proceeds of the
shares sold, Agents options entitling the Agents to acquire Units in the amount
that is equal to 5% of the aggregate number of Units and Flow-through shares
sold pursuant to the Offering.
The
equity offering 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. Use of proceeds of 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 Parrish. It was sent from: Adanac Moly, 2A 15782
Marine Dr, White Rock, BC
V4B 1E6, Canada.
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