Exhibit 10.3

 

AMENDMENT NO. 2
TO
INVESTMENT AND SECURITIES PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 2 TO INVESTMENT AND SECURITIES PURCHASE AGREEMENT, dated
August 7, 2017 (this “Second Amendment”), is between General Moly, Inc., a
Delaware corporation, (the “Company”), and Amer International Group Co., Ltd., a
limited liability company organized under the laws of the People’s Republic of
China (“Purchaser”). Capitalized terms used, but not defined herein, shall have
the meanings assigned to them in the Agreement, as defined below.

 

RECITALS

 

A.            The Company and Purchaser are parties to the Investment and
Securities Purchase Agreement, dated April 17, 2015, as amended by Amendment
No. 1 to Investment and Securities Purchase Agreement on November 2, 2015 (the
“Agreement”); and

 

B.            The parties desire to further amend the Agreement to, among other
things, provide for the modification of specified conditions precedent to
closing Tranche 2 and Tranche 3, and the definition of “Per Share Price” in the
Agreement.

 

Accordingly, in consideration of the mutual covenants contained in this
Amendment, the parties intending to be legally bound agree as follows.

 

AGREEMENT

 

1.             Recital A of the Agreement is hereby amended to read as follows:

 

“A.          …. (1) 40,000,000 shares (the “Offered Shares”) of the Company’s
common stock, par value $0.001 per share (the “Common Stock”) at the Per Share
Price; ….”

 

2.             Recital B of the Agreement is hereby amended to read as follows:

 

“B.          … (2) the second tranche (“Tranche 2”) will consist of $6,000,000
of Offered Shares at the Per Share Price (the “Tranche 2 Securities”); and
(3) the third tranche (“Tranche 3”) will consist of $10,000,000 of Offered
Shares at the Per Share Price (the “Tranche 3 Securities”).  ….”

 

3.             Section 1.1(c)(ii) of the Agreement is hereby amended to read as
follows:

 

“(ii)         On the Tranche 2 Closing Date, the Company shall deposit $500,000
from the Tranche 2 Closing Payment into the Expense Reimbursement Account. On
the Tranche 3 Closing Date, the Company shall deposit $500,000 from the Tranche
3 Closing Payment into the Expense Reimbursement Account.”

 

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4.             Section 1.3(b) of the Agreement is hereby amended to read as
follows:

 

“(b)         Tranche 2 Closing.  Subject to the satisfaction or waiver of the
conditions set forth in Section 7.2, the completion of the purchase and sale of
the Tranche 2 Securities (the “Tranche 2 Closing”) shall occur at 10:00
a.m. local time at the offices of Bryan Cave LLP, Denver, Colorado, on
September 30, 2017, or at such other location, date and time as may be mutually
agreed upon by the Company and Purchaser.  The date of the Tranche 2 Closing is
referred to herein as the “Tranche 2 Closing Date.”

 

5.             Section 7.2(b) of the Agreement is amended by adding a new
subsection (ii) as follows:

 

“(ii)         Warrant Amendment.  The Company shall have received from Purchaser
an executed Fourth Amendment to the Warrant Agreement, extending the expiration
of the Warrant Agreement to the third anniversary of the issuance of the Record
of Decision for the Mt. Hope Project.”

 

6.             Section 7.2(c)(ii) of the Agreement is amended as follows:

 

“(ii)         Officer’s Certificate.  The Company shall have delivered to
Purchaser a certificate, dated the Tranche 2 Closing Date, signed by an officer
of the Company, certifying as to the satisfaction of the conditions specified in
Sections 7.1(c)(iii) and (v).”

 

7.             Section 7.2(c)(iii) of the Agreement is amended as follows:

 

“(iii)        [Intentionally deleted].”

 

8.             Section 7.2(c)(iv) of the Agreement is amended as follows:

 

“(iv)        [Intentionally deleted].”

 

9.             Section 7.2(c)(v) of the Agreement is deleted in its entirety and
replaced with the following:

 

“(v)         Stockholder Approval.  If the Company deems that such is required
in its reasonable discretion, the Company shall have received stockholder
approval for the transactions contemplated by this Agreement, as amended.”

 

10.          Section 7.2(c) of the Agreement is amended by adding a new
subsection (vi) as follows:

 

“(vi)        Warrant Amendment.  Purchaser shall have received from the Company
an executed Fourth Amendment to the Warrant Agreement, extending the expiration
of the Warrant Agreement to the third anniversary of the issuance of the Record
of Decision for the Mt. Hope Project.”

 

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11.          Section 7.3(c)(ii) of the Agreement is amended as follows:

 

“(ii)         Officer’s Certificate.  The Company shall have delivered to
Purchaser a certificate, dated the Tranche 3 Closing Date, signed by an officer
of the Company, certifying as to the satisfaction of the conditions specified in
Sections 7.1(c)(iv) and (vi).”

 

12.          Section 7.3(c)(iv) of the Agreement is amended as follows:

 

“(iv)        [Intentionally deleted].”

 

13.          Section 7.3(c)(v) of the Agreement is amended as follows:

 

“(v)         [Intentionally deleted].”

 

14.          Section 7.3(c) of the Agreement is amended with the addition of a
new subsection (vii), as follows:

 

“(vii)       the earlier of the date upon which 1) the Parties shall have closed
a mutually agreed acquisition involving more than 10 million shares of the
Company’s common stock as consideration for the acquisition; or 2) the Nevada
State Engineer shall have issued water permits for the Mt. Hope Project.

 

15.          Section 8.1(b)(i) of the Agreement is hereby deleted in its
entirety and replaced with the following:

 

“(i)          the Tranche 1 Closing shall not have occurred on or before
December 31, 2015, the Tranche 2 Closing shall not have occurred on or before
September 30, 2017, or the Tranche 3 Closing shall not have occurred on or
before the later of March 31, 2018 or 90 days after the occurrence of the
earlier of the events described in 7.3(c)(vii);”

 

16.          The definition of “Per Share Price” in the Agreement is amended to
read as follows:

 

“… (ii) with respect to the Tranche 2 Shares, the volume weighted average price
of the Company’s Common Stock for the 30-day period ending on the date of
execution of this Second Amendment;

 

(iii) with respect to the Tranche 3 Shares, $0.50; ….”

 

17.          The definition of “Availability” in the Agreement is amended to
read as follows:

 

“Availability:                                                                      
Loan Agreement to be signed no later than the date that is the five (5) year
anniversary of the Tranche 1 Closing Date, available for drawdown from that date
until 30 months thereafter.”

 

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Except as specifically set forth in this Second Amendment, the Agreement shall
remain in full force and effect.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the parties have executed this Second Amendment to be
effective as of the date first above written.

 

 

GENERAL MOLY, INC.

 

 

 

By:

/s/ Bruce D. Hansen

 

Name:

Bruce D. Hansen

 

Title:

Chief Executive Officer

 

 

 

 

 

 

AMER INTERNATIONAL GROUP CO., LTD.

 

 

 

By:

/s/ Wenyin Wang

 

Name:

Wenyin Wang

 

Title:

Chairman

 

 

[Signature Page to Amendment No. 2 to Investment and Securities Purchase
Agreement]

 

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