On May 30, 2008, Adanac Molybdenum Corporation (Adanac) announced that it had increased by an additional $11.5 million its previously announced Bridge Financing to a total funded amount of $80 million, the proceeds of which will to be used to fund development of the proposed Ruby Creek molybdenum project.
The financing is in the form of senior secured notes issued pursuant to a Securities Purchase Agreement signed on May 23, 2008, and was arranged through Adanac's United States-based investment banker and includes participation from leading global institutional investors.
Adanac is engaged in the exploration and development of mines to produce molybdenum and other ferro-alloy metals. Its flagship property is the Ruby Creek molybdenum project located near Atlin, British Columbia.
Adanac was advised in this transaction by Fasken Martineau with a team that included Chuck Higgins, Ron Nobrega, Raziel Zisman, Jennifer Armstrong and Amanda Fullerton with the assistance of student-at-law Susan Newell in Toronto; and Don Weaver, Georald Ingeborg, Sarah Mamoser and Andrew Gabrielson in Vancouver.