Adanac Molybdenum completes US$15 million financing

On December 31, 2007, Adanac Molybdenum Corporation ("Adanac Moly") announced that it had completed its previously announced financing, raising gross proceeds of $15,367,241 to partially fund construction of its proposed Ruby Creek molybdenum project. The financing was oversubscribed and the agents partially exercised an overallotment option. Under the financing, Adanac Moly issued 7,142,857 flow-through shares at a price of $1.05 per share; and 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. 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. Adanac Moly is engaged in the exploration and development of mines to produce molybdenum and ferro-alloy metals. Its flagship property is the proposed Ruby Creek molybdenum project, located near Atlin, British Columbia. Adanac Moly was advised in this transaction by Fasken Martineau with a team that included Chuck Higgins, Raziel Zisman, Jennifer Armstrong, Sarah Mamoser, Georald Ingborg and Richard Peters, assisted by student-at-law Amanda Fullerton.