Eureka Moly definition
Examples of Eureka Moly in a sentence
Eureka Moly, LLC, a Delaware limited liability company (“Eureka Moly”), leases and intends to operate a mine located in Eureka County, Nevada (the “Mount Hope Mine”) from which it intends to produce Technical Grade Molybdenum Oxide (“TMO”), in the form of powder and carbon-free briquettes, that meets or exceeds the standards on Schedule A (such TMO produced from the Mount Hope Mine, the “Products”).
The Facilities shall be secured, pursuant to (a) the Security Documents, by a lien upon the Company Collateral (as will be defined in the Security Documents) and (b) the Pledge Agreement providing Nevada Moly’s pledge of an 80% Percentage Interest (as defined in the Eureka Moly LLC Agreement) in Eureka Moly.
The following term sheet (the “Term Sheet”) summarizes certain principal terms and conditions between Mount Hope Mines Inc., a Colorado corporation (“MHMI”), Eureka Moly, LLC, a Delaware limited liability company (“EMLLC”), and General Moly, Inc., a Delaware corporation (“GMI”), under which the parties agree to support the restructuring efforts of GMI by amending the Lease Agreement (as defined below).
Following the Tranche 1 Closing and as long as the Loan and Amer’s Guarantee of the Loan is outstanding, Amer shall have the right to designate one of the Representatives (the “Amer Eureka Representative”) that Nevada Moly is entitled to appoint to the Management Committee of Eureka Moly (the “Eureka Management Committee”).
NMLLC owns an eighty percent (80%) joint venture interest in Eureka Moly, LLC (“EMLLC”), the operator of molybdenum mining project in Nevada commonly referred to as the Mt. Hope Project.
General Moly’s principal assets are (i) Nevada Moly, LLC (“Nevada Moly”) which holds an 80% interest in Eureka Moly, LLC (the “EMLLC”), which holds the lease rights to the Mt. Hope Project (the “Mt. Hope Project”), a primary molybdenum property, located in Eureka County, Nevada, and (ii) Kobeh Valley Ranch, LLC (“KVR”), which holds certain water rights that are integral to the Mt. Hope Project.
EMLLC means Eureka Moly, LLC and its parent, affiliates and subsidiaries including General Moly, Inc.
Once the conditions of this Term Sheet are signed and agreed by the parties, the Eureka Moly, LLC (“EMLLC”) Operating Agreement shall be amended accordingly.
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President Eureka Moly, LLC., by its Manager, Nevada Moly, LLC.
Following the Tranche 1 Closing until the earlier of (i) the date Hanlong’s Guarantee of the Bank Loan has expired or otherwise been terminated and (ii) the date of the Bank Loan Rejection, Hanlong shall have the right to designate one of the Representatives (the “Hanlong Eureka Representative”) that Nevada Moly is entitled to appoint to the Management Committee of Eureka Moly (the “Eureka Management Committee”).