Exhibit 99.1
Bankruptcy Judge Confirms General Moly’s Chapter
11
Plan of Reorganization; Remaining Directors Resign
Their Positions Effective March 31, 2021
LAKEWOOD, COLORADO, March 31, 2021 – General Moly,
Inc. (the “Company”) today announced that on March 30,
2021, the United States Bankruptcy Court for the District of
Colorado issued an order confirming the Company’s Chapter 11
plan of reorganization. Under the plan of reorganization, the
Company's assets will be transferred to a new venture and the
existing equity interests in the Company will be
cancelled.
In
connection with that order, the Company’s two remaining
directors, Ricardo Campoy and Greg Raih, have resigned from the
Company’s board of directors, effective as of the close of
business on March 31, 2021. Additionally, Scott Roswell, Chief
Legal Officer of the Company, has resigned as an officer of the
Company, effective at the same time, and on an interim basis, will
assist the Company’s Chief Restructuring Officer Tom Kim of
r2 Advisors LLC during the reorganizational
transition.
Additional Information
Court
filings and other documents related to the court-supervised process
are available at https://cases.stretto.com/generalmoly,
or by calling the Company’s claims agent, Stretto, at (855)
435-7795 (toll-free) or (949) 358-6802 (international) or by
sending an email to TeamGeneralMoly@stretto.com.
Markus
Williams Young & Hunsicker LLC is serving as legal advisor, XMS
Capital Partners, Headwall Partners and Odinbrook Global Advisors
are serving as financial advisors, and r2 Advisors LLC is
serving as Chief Restructuring Officer to the Company.
About General Moly
General
Moly is a U.S.-based, molybdenum mineral exploration and
development company. The Company’s primary asset, an 80%
interest in the Mt. Hope Project located in central Nevada, is
considered one of the world’s largest and highest grade
molybdenum deposits. General Moly’s goal is to become the
largest primary molybdenum producer in the world.
Molybdenum
is a metallic element used primarily as an alloy agent in steel
manufacturing. When added to steel, molybdenum enhances steel
strength, resistance to corrosion and extreme temperature
performance. In the chemical and petrochemical industries,
molybdenum is used in catalysts, especially for cleaner burning
fuels by removing sulfur from liquid fuels, and in corrosion
inhibitors, high performance lubricants and polymers.
Contact:
Scott
Roswell
(775)
748-6000
info@generalmoly.com
Website:
www.generalmoly.com
Forward-Looking Statements
Statements
herein that are not historical facts are “forward-looking
statements” within the meaning of Section 27A of the
Securities Act, as amended and Section 21E of the Securities
Exchange Act of 1934, as amended and are intended to be covered by
the safe harbor created by such sections. Such
forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those projected, anticipated, expected, or implied by the
Company. These risks and uncertainties include, but are not
limited to the Company’s ability to successfully complete a
reorganization process under Chapter 11, including: consummation of
the financial restructuring; potential adverse effects of the
Chapter 11 filing on the any additional strategies the Company may
employ to address its liquidity and capital resources; the
Company’s ability to obtain timely approval by the bankruptcy
court with respect to the motions filed in the Chapter 11 case;
objections to the Company’s financial restructuring, DIP
financing, or other pleadings filed that could protract the
reorganization process; employee attrition and the Company’s
ability to retain senior management and other key personnel due to
the distractions and uncertainties; the Company’s ability to
comply with the restrictions imposed by the terms and conditions of
the DIP financing and other financing arrangements; the
Company’s ability to maintain relationships with employees
and other third parties and regulatory authorities as a result of
the Chapter 11 filing; the effects of the Chapter 11 filing on the
Company and on the interests of various constituents, including
holders of the Company’s common stock; the bankruptcy
court’s rulings in the Chapter 11 case, including the
approvals of the terms and conditions of the financial
restructuring and the DIP financing, and the outcome of the Chapter
11 case generally; the length of time that the Company will operate
under Chapter 11 protection and the continued availability of
operating capital during the pendency of the Chapter 11 case; risks
associated with third party motions in the Chapter 11 case, which
may interfere with the Company’s ability to consummate the
financial and organizational restructuring or an alternative
restructuring; increased administrative and legal costs related to
the Chapter 11 process; potential delays in the Chapter 11 process
due to the effects of the COVID-19 virus; and other litigation and
inherent risks involved in a bankruptcy process. For a
detailed discussion of risks and other factors that may impact
these forward looking statements, please refer to the Risk Factors
and other discussion contained in the Company's previous quarterly
and annual periodic reports on Forms 10-Q and 10-K, on file with
the SEC. The Company undertakes no obligation to update
forward-looking statements.