Moly Mines has successfully completed an Aus$24 million capital raising on the Toronto Stock Exchange.

The placement was lead by Paradigm Capital Inc and included Haywood Securities Inc., GMP Securities LP and Wellington West Capital Markets Inc.

The funds will be used to give the company flexibility and financial strength to enter into contracts for "long lead time" items for the Spinifex Ridge processing plant and for project implementation activities during the bridging period between completion of the final feasibility study and financing the Spinifex Ridge development.

Moly Mines managing director Derek Fisher says: "The continued strength of the molybdenum metal market has encouraged the company to accelerate the progress of the Spinifex Ridge Project."

The average price of molybdenum oxide for March was US$28.15/lb.