PolyMet Mining Corp. (TSX:POM)(TSX:POM.RT)(NYSE MKT:PLM)(NYSE
MKT:PLM.RT) ("PolyMet" or the "Company") has filed its financial
results for the three months ended April 30, 2013. It has also
commenced its previously announced rights offering (the "Rights
Offering") and the Rights Offering materials, including a
prospectus, and the certificate(s) representing the rights
("Rights") have now been mailed to shareholders, subject to
applicable law.
The financial statements have been filed at
www.polymetmining.com and on SEDAR and EDGAR and have been prepared
in accordance with International Financial Reporting Standards
("IFRS"). All amounts are in U.S. funds.
Financial Highlights
-- Loss for the three months ended April 30, 2013 was $1.660 million
compared with $1.250 million for the prior year period. General and
administrative expenses in the three months ending April 30, 2013 were
$1.123 million compared with $0.667 million in the prior year period,
excluding non-cash share based compensation. The increase primarily
reflects increased public relations activity leading up to publication
of the supplemental draft Environmental Impact Statement (expected later
this summer) as well as increased investor relations activity related to
the Rights Offering.
-- At April 30, 2013 PolyMet had cash and cash equivalents of $19.109
million compared with $8.088 million at January 31, 2013. The increase
in cash reflects the $20 million loan scheduled to be repaid with
proceeds from the anticipated closing of a $60 million Rights Offering
in early July. On a pro forma basis, adjusting for the Rights Offering
(including repayment of a $20 million bridge loan and assuming the
Rights Offering is fully subscribed) PolyMet would have had cash and
equivalents of approximately $58 million net of standby fees payable in
connection with the Rights Offering.
-- PolyMet invested $4.855 million into its NorthMet project during the
three months ended April 30, 2013, compared with $4.096 million in the
prior year period, excluding a $2.092 million purchase of wetland
restoration properties in the prior year period.
-- As of April 30, 2013 PolyMet had spent $55.565 million on environmental
review and permitting, of which $49.114 million has been spent since the
NorthMet project moved from exploration to development stage on October
31, 2006, following publication of the Definitive Feasibility Study.
Rights Offering
If you are a registered shareholder in an eligible jurisdiction
(US, Alberta, British Columbia, or Ontario), you should receive the
Rights certificates and Rights Offering materials directly.
If your shares are held indirectly through a securities broker
or dealer, bank, or trust company, such intermediary should receive
the information and pass it on to you. Please contact your broker
or other intermediary immediately to ensure that the Rights are in
your account and you receive other documentation.
If you are a registered shareholder in any jurisdiction other
than the US, Alberta, British Columbia, or Ontario (but only if you
are a registered shareholder) you may complete a "Request for
Approved Eligible Holder Status" and return to Computershare
Investor Services Inc., the "Subscription Agent". For further
information, please contact Stephanie Hunter at
shunter@polymetmining.com or +1 (416) 915-4149.
For every two Rights you hold, you can purchase one new common
share of PolyMet for US$0.66 at any time until 5:00 p.m. Eastern
time on July 3, 2013. If you do not wish to exercise your Rights,
you can also sell or assign your Rights through the TSX or NYSE
MKT. If you allow your Rights to expire without subscribing for new
shares, your ownership in PolyMet will be diluted and those shares
will be acquired by other shareholders under the Additional
Subscription Privilege and the Standby Agreement as described in
the final prospectus dated May 23, 2013.
Copies of the Rights Offering materials may be obtained from the
Company by calling +1 (651) 389-4100 or Computershare Investor
Services Inc., the subscription agent for the Company, at +1 (800)
564-6253. You may also contact PolyMet or the subscription agent if
you have any questions regarding the Rights Offering or require
assistance in exercising your Rights.
For further information on the Rights Offering, please refer to:
http://www.polymetmining.com/investors/investor-faq/.
Key Statistics
(in '000 US dollars, except per share amounts)
----------------------------------------------------------------------------
Balance Sheet April 30, 2013 January 31, 2013
---------------------------------------
Cash & equivalents $ 19,109 $ 8,088
Working capital (2,999) 2,629
Total assets 253,515 236,127
Long term liabilities 111.742 93.215
Shareholders' equity 141,773 142,912
----------------------------------------------------------------------------
Three months ended April 30,
--------------------------------------
--------------------------------------
Income Statement 2013 2012
--------------------------------------
General & administrative expense
excluding non-cash share based
compensation $ 1,123 $ 667
Non-cash share based compensation $ 184 $ 616
Other income (loss) $ 353 $ (33)
--------------------------------------
--------------------------------------
Income (loss) before tax $ 1,660 $ 1,250
Income (loss) per share $ (0.01) $ (0.01)
----------------------------------------------------------------------------
Investing Activities NorthMet Property $ 4,912 $ 6,188
----------------------------------------------------------------------------
Weighted average shares outstanding 183,252,339 176,390,990
About PolyMet
PolyMet Mining Corp. (www.polymetmining.com) is a
publicly-traded mine development company that owns 100% of Poly Met
Mining, Inc., a Minnesota corporation that controls 100% of the
NorthMet copper-nickel-precious metals ore body through a long-term
lease and owns 100% of the Erie Plant, a large processing facility
located approximately six miles from the ore body in the
established mining district of the Mesabi Range in northeastern
Minnesota. Poly Met Mining, Inc. has completed its Definitive
Feasibility Study and is seeking environmental and operating
permits to enable it to commence production. The NorthMet project
is expected to require approximately two million hours of
construction labor, creating approximately 360 long-term jobs, a
level of activity that will have a significant multiplier effect in
the local economy.
This 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 our
beliefs related to the closing of the Rights Offering, the ability
to receive environmental and operating permits, job creation, 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 PolyMet's most recent Annual
Report on Form 20-F for the fiscal year ended January 31, 2013 and
in our other filings with Canadian securities authorities and the
U.S. Securities and Exchange Commission, including our Report on
Form 6-K providing information with respect to our operations for
the three months ended April 30, 2013 for a discussion of some of
the risk factors and other considerations underlying
forward-looking statements.
PolyMet has filed a registration statement (including a
prospectus) with the U.S. Securities and Exchange Commission, for
the offering to which this communication relates. Before investing,
prospective investors should read the prospectus in that
registration statement and other documents the issuer has filed
with the U.S. Securities and Exchange Commission, for more complete
information about PolyMet and this offering. The documents are
available free of charge by visiting EDGAR on the U.S. Securities
and Exchange Commission website at www.sec.gov. Alternatively,
PolyMet will arrange to send you the prospectus if you request it
by calling 1-416 915-4149.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Contacts: Corporate Douglas Newby Chief Financial Officer +1
(651) 389-4105dnewby@polymetmining.com Media LaTisha Gietzen VP -
Public, Gov't & Environmental Affairs (218)
471-2150lgietzen@polymetmining.com PolyMet - Investor Relations
Jenny Knudson VP - Investor Relations +1 (651)
389-4110jknudson@polymetmining.com www.polymetmining.com MZ North
America Pascal Nigen Senior Vice-President +1 (212)
301-7149pnigen@mzgroup.us www.mzgroup.us
Polymet Mining (TSX:POM.RT)
Historical Stock Chart
From Oct 2024 to Nov 2024
Polymet Mining (TSX:POM.RT)
Historical Stock Chart
From Nov 2023 to Nov 2024
