TORONTO, March 7, 2013 /CNW/ - Molycorp Minerals Canada ULC (formerly Neo
Material Technologies Inc.) (the "Company") announces that it has applied to
the securities regulatory authorities in each province of Canada for a
decision to cease to be a reporting issuer in all provinces of Canada in which
it is a reporting issuer. If the securities regulatory authorities grant
such a decision, the Company will no longer be a reporting issuer in any
jurisdiction of Canada.
The application to cease to be a reporting issuer follows the acquisition of
the Company by Molycorp, Inc. ("Molycorp") and MCP Exchangeco Inc., a
wholly-owned subsidiary of Molycorp, by way of a plan of arrangement (the
"Arrangement") on June11, 2012. The Company is now a wholly-owned indirect
subsidiary of Molycorp.
To give effect to the completion of the Arrangement, the Company's 5%
Convertible Unsecured Subordinated Debentures with a maturity date of December
31, 2017 (the "Debentures") are convertible into a prescribed number of shares
of Molycorp common stock and cash. Any Debentures which remain outstanding
will continue to be governed by the debenture indentures dated June 2, 2011
and June 11, 2012.
For further information regarding the Arrangement, please refer to the
Company's news releases dated March8, 2012 and June11, 2012.
Molycorp is listed on the New York Stock Exchange under the trading symbol
"MCP", and its continuous disclosure documents and other information regarding
its consolidated business and operations may be accessed under the Molycorp
corporate profile at www.sedar.com.
About Molycorp Minerals Canada ULC
Molycorp Minerals Canada ULC is a producer, processor and developer of
neodymium-iron-boron magnetic powders, rare earths and zirconium based
engineered materials and applications, and other rare metals and their
compounds through its Magnequench and Performance Materials divisions. These
innovative products are essential in many of today's high technology products.
Magnequench's powders are used to produce bonded magnets, generally used in
micro motors, precision motors, sensors and other applications requiring high
levels of magnetic strength, flexibility, small size and reduced weight. Rare
earth and zirconium applications include catalytic converters, computers,
television display panels, optical lenses, mobile phones and electronic chips.
The Company's rare metals products are primarily used in the wireless, LED,
flat panel, turbine, solar and catalyst industries. The Company is
headquartered in Toronto, Canada.
About Molycorp, Inc.
With offices in the U.S., Europe, and Japan, Molycorp, Inc. is one of the
world's leading rare earths and rare metals companies. Fully integrated across
the rare earth mine-to-magnets supply chain, it currently produces rare earth
oxides at its flagship rare earth mine and processing facility at Mountain
Pass, California, as well as rare earth metals, rare earth alloys, and the
rare metals niobium and tantalum. Through its joint venture with Daido Steel
and Mitsubishi Corporation, Molycorp expects to begin manufacturing
next-generation, sintered neodymium-iron-boron (NdFeB) permanent rare earth
magnets in 2013. The rare earths and rare metals that Molycorp produces are
critical inputs in existing and emerging applications including: clean energy
technologies, such as hybrid and electric vehicles and wind power turbines;
multiple high-tech uses, including fiber optics, lasers and hard disk drives;
numerous defense applications, such as guidance and control systems and global
positioning systems; advanced water treatment technology for use in
industrial, military and outdoor recreation applications; and other
technologies. For more information please visit www.molycorp.com.
Certain information contained in this news release is "forward-looking". These
statements relate to future events, some of which are outside of the Company's
control. These forward-looking statements reflect the Company's current
internal expectations or beliefs and are based on information currently
available to the Company. These forward-looking statements are subject to a
variety of risks and uncertainties, including the risk that the conditions
precedent to the Arrangement will not be satisfied in the expected timeframe
or at all. In some cases forward-looking information can be identified by
terminology such as "may", "will", "should", "expect", "intend", "plan",
"anticipate", "believe", "estimate", "projects", "potential", "scheduled",
"forecast", "budget" or the negative of those terms or other comparable
terminology. Although the Company believes that the forward-looking
information contained in this news release is based on reasonable assumptions,
readers cannot be assured that actual results will be consistent with such
statements. Accordingly, readers are cautioned against placing undue reliance
on forward-looking information. The Company expressly disclaims any intention
or obligation to update or revise any forward-looking information, whether as
a result of new information, events or otherwise, except in accordance with
applicable securities laws.
+1 416.367.8588 PHONE
+1 416.367.5471 FAX
SOURCE: Molycorp Minerals Canada ULC
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