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Thompson Creek seeks to raise $217-million with offering

Molybdenum producer Thompson Creek Metals Co. Inc. said Tuesday it plans to raise up to $250-million in a public offering of shares.

Under the agreement with a syndicate of underwriters led by UBS Securities Canada, Thompson Creek will offer 15.5 million shares at a price of $14 per share.

The company has also granted the underwriters an overallotment option to purchase up to an additional 2.325 million shares for total gross proceeds of $250-million.

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"The company intends to use the net proceeds from the offering for development and expansion of existing mining assets, exploration activities, acquisitions, working capital and general corporate purposes," Thompson Creek said.

Thompson Creek owns its namesake mine and mill in Idaho, a metallurgical roasting mill in Pennsylvania and a 75-per-cent share of the Endako mine, mill and roasting operation in British Columbia.

Molybdenum is used to produce alloyed steel and high-end stainless steel.

Before the public offering was announced, shares in Thompson Creek closed down 81 cents or 5.1 per cent to $14.99 on the Toronto Stock Exchange.

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