PolyMet Mining Corp. (“PolyMet” or the “company”) (TSX: POM;
NYSE American: PLM) has commenced its previously announced offering
of rights (“Rights”) to purchase common shares of the company to
raise approximately US$265 million in gross proceeds (the “Rights
Offering”).
The Rights trade on the Toronto Stock Exchange (“TSX”) under the
symbol “POM.RT” and will cease trading on the TSX at noon (Eastern
time) on June 26, 2019. The Rights also trade on the NYSE American
under the symbol “PLM.RT” and the last day of trading on the NYSE
American will be June 21, 2019.
Pursuant to the Rights Offering, all eligible registered
shareholders of PolyMet (subject to applicable law) have been
distributed one Right for every common share of PolyMet owned on
the record date of June 3, 2019. For each one (1) Right held,
holders are entitled to acquire 2.119069 common shares of PolyMet
at US$0.3881 per share (the “Rights Price”). The Rights Offering
includes an additional subscription privilege entitling holders of
Rights who have fully exercised their Rights to subscribe for
additional common shares, if available, that were not otherwise
subscribed for under the Rights Offering.
Subject to applicable law, all PolyMet shareholders have the
choice to participate and, by exercising all of their Rights,
maintain their existing levels of ownership. Rights holders can, in
whole or in part, exercise their Rights and subscribe for common
shares, or sell or assign their Rights to another party (who wishes
to subscribe for new PolyMet common shares). The expiry time (the
“Expiry Time”) of the Rights Offering is 5:00 pm (Eastern time) on
June 26, 2019 (the “Expiry Date”). Rights not exercised before the
Expiry Time on the Expiry Date will be void and of no value.
As previously disclosed, PolyMet has entered into a standby
purchase agreement (the "Standby Purchase Agreement") pursuant to
which Glencore AG (“Glencore”), subject to certain terms and
conditions and limitations, has agreed to exercise its basic
subscription privilege in full and to purchase at the Rights Price,
that number of common shares equal to the difference, if any, of
(x) the total number of common shares offered pursuant to the
Rights Offering minus (y) the number of common shares subscribed
for pursuant to the basic subscription privilege and the additional
subscription privilege. As a result, subject to the satisfaction of
the terms and conditions of the Standby Purchase Agreement, the
Rights Offering will be fully backstopped by Glencore.
Shareholders in North America should direct questions to
Shorecrest Group at:
North American Toll-Free 1-888-637-5789Banks
and Brokers and collect calls 647-931-7454Email at
contact@shorecrestgroup.com | www.shorecrestgroup.com
Shareholders outside of North America should direct questions to
Georgeson at:
Shareholders, Banks and Brokers +44 207 019
7081infoagent@georgeson.com
Further details concerning the Rights Offering are contained in
the company's short form final prospectus dated May 24, 2019, which
is available on the company's SEDAR profile and in the company’s
Form F-10, as amended, filed with the U.S. Securities and Exchange
Commission on EDGAR (available at www.sec.gov).
This news release does not constitute an offer to sell, nor
the solicitation of an offer to buy, the securities in any
jurisdiction; nor shall there be any sale of securities mentioned
in this news release in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such
jurisdiction.
About PolyMetPolyMet Mining Corp. (www.polymetmining.com)
is a publicly traded mine development company that owns 100 percent
of Poly Met Mining, Inc., a Minnesota corporation that controls 100
percent of the NorthMet copper-nickel-precious metals ore body
through a long-term lease, and owns 100 percent of the former LTV
Steel Mining Company processing facility, located approximately
seven rail miles from the ore body in the established mining
district of the Mesabi Iron Range in northeastern Minnesota. Poly
Met Mining, Inc. has completed its Definitive Feasibility Study and
received all permits necessary to construct and operate the
NorthMet Project. NorthMet is expected to require approximately two
million hours of construction labor, create approximately 360
long-term jobs directly, and generate a level of activity that will
have a significant multiplier effect in the local economy.
PolyMet DisclosuresThis news release contains certain
forward-looking statements concerning anticipated developments in
PolyMet’s operations in the future. Forward-looking statements are
frequently, but not always, identified by words such as “expects,”
“anticipates,” “believes,” “intends,” “estimates,” “potential,”
“possible,” “projects,” “plans,” and similar expressions, or
statements that events, conditions or results “will,” “may,”
“could,” or “should” occur or be achieved or their negatives or
other comparable words. These forward-looking statements may
include statements regarding the ability to receive environmental
and operating permits, job creation, and the effect on the local
economy, or other statements that are not a statement of fact.
Forward-looking statements address future events and conditions and
therefore involve inherent known and unknown risks and
uncertainties. Actual results may differ materially from those in
the forward-looking statements due to risks facing PolyMet or due
to actual facts differing from the assumptions underlying its
predictions.
PolyMet’s forward-looking statements are based on the beliefs,
expectations and opinions of management on the date the statements
are made, and PolyMet does not assume any obligation to update
forward-looking statements if circumstances or management’s
beliefs, expectations and opinions should change.
Specific reference is made to risk factors and other
considerations underlying forward-looking statements discussed in
PolyMet’s most recent Annual Report on Form 40-F for the
fiscal year ended December 31, 2018, and in our other filings with
Canadian securities authorities and the U.S. Securities and
Exchange Commission.
The Annual Report on Form 40-F also contains the company’s
mineral resource and other data as required under National
Instrument 43-101.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20190605005966/en/
MediaBruce Richardson, Corporate CommunicationsTel: +1
(651) 389-4111brichardson@polymetmining.com
Investor RelationsTony Gikas, Investor RelationsTel: +1
(651) 389-4110investorrelations@polymetmining.com
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