Some information on Sprott MolyInteresting whats going on here, looks like Moly might take longer to recover, it would be nice to keep the board more active so information passed more.
Sprott shuts molybdenum fund
JOHN PARTRIDGE
Globe and Mail Update
January 9, 2009 at 9:31 AM EST
Canadian commodities guru Eric Sprott has decided to kill off hispioneering molybdenum fund less than two years after launching it inthe wake of plunging prices and dismal prospects for thesteel-hardening metal.
Sprott Molybdenum Participation Corp. said Friday that following astrategic review announced last month, its board of directors hasdetermined that distributing its assets to shareholders would be intheir and the company's best interests.
The company, which went public at $5 a share in April, 2007 – raising$180-million in its IPO – said its net asset value was $1.75 a share asof this Wednesday, with $1.51 of that held in cash and short termsecurities, net of liabilities.
Details on the timing and the specific steps it will take to carry out the plan will be announced at a future date, Sprott said.
Mr. Sprott, who also heads Sprott Asset Management Inc. in Toronto,created the molybdenum company to invest both in companies that explorefor, mine or process the stuff and in the physical metal itself.