Molycorp Announces the Successful Close of its Offerings of Convertible Senior Notes and Common Stock

Molycorp, Inc. (NYSE: MCP) (“Molycorp” or the “Company”) today announced
the closing of its previously announced public offerings of $414 million
aggregate principal amount (which includes the exercise by the
underwriters in the offering of their $54 million over-allotment option
in full) of its 6.00% Convertible Senior Notes due 2017 (the “Notes
Offering”) and 12,000,000 shares of its common stock at a price per
share of $10.00 (the “Primary Shares Offering”). Molycorp's two major
shareholders, a number of directors, including President and Chief
Executive Officer Mark A. Smith, and other Company executives invested
in the offerings.

The Company intends to use the net proceeds received from the Notes
Offering and the

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