Sprott Molybdenum Closes $189M IPO

On April 16, 2007, Sprott Molybdenum Participation Corporation completed an initial public offering of 37,800,000 units sold at $5 per unit for aggregate gross proceeds of $189 million. Each unit consists of one common share in the capital of the Corporation and one-half of one common share purchase warrant.

The syndicate of agents was led by GMP Securities L.P. and included Canaccord Capital Corporation, Cormark Securities Inc., Fort House Inc., TD Securities Inc. and Dundee Securities Corporation.

Cassels Brock & Blackwell LLP acted for the agents with a team that included Paul Stein, Chad Accursi and Leigh-Ann McGowan (securities). Sprott Molybdenum was represented by Sonia Yung and Paola Turner (corporate and securities) and Kay Leung (tax) and Mark Jadd of Heenan Blaikie LLP.