PolyMet Closes $10 Million Third Tranche of Glencore Financing
October 15 2012 - 9:00AM
Marketwired
PolyMet Mining Corp. (TSX:POM)(NYSE MKT:PLM)(NYSE Amex:PLM)
("PolyMet" or the "Company") has closed the third tranche of its
previously announced private placement (the "Offering") with
Glencore AG ("Glencore"), a wholly-owned subsidiary of Glencore
International plc, issuing 5 million common shares of the Company
representing approximately 2.7% of the Company's issued and
outstanding shares (the "Third Tranche Shares") at US$2.00 per
Share for gross proceeds of US$10 million.
(On October 12, 2012, US$2.00 equaled Cdn$1.9598 at the Bank of
Canada noon exchange rate of US$1 = Cdn$0.9799).
Glencore Financing
Including the Third Tranche Shares, Glencore currently owns an
aggregate of 46,967,842 common shares of PolyMet, representing
25.7% of the 182,752,026 common shares outstanding. In addition,
Glencore: (i) may exchange US$30,010,130 of outstanding issued
debentures (the "Debentures") for an additional 20,006,753 Shares
pursuant to the exchange warrant issued October 31, 2008, as
amended December 6, 2011; (ii) may exercise the warrants issued to
Glencore on November 12, 2010, as amended November 30, 2011, for
3,000,000 Shares; and (iii) may acquire an additional 2,600,000
Shares upon exercise of the warrants issued on November 30, 2011,
for a total of approximately 34.8% of PolyMet's issued Shares. For
purposes of Canadian securities laws, Glencore had previously been
deemed to have, and disclosed its, beneficial ownership of the
Third Tranche Shares.
Glencore purchased the Third Tranche Shares in the ordinary
course of Glencore's business. Glencore may from time to time
acquire additional securities of PolyMet and/or its subsidiaries,
dispose of some or all of the existing or additional securities it
holds or will hold, or may continue to hold its current position.
Persons who wish to obtain a copy of the early warning report to be
filed by Glencore in connection with this transaction may obtain a
copy of such report from www.sedar.com or by contacting Glencore's
representative listed below.
The Third Tranche Shares have not been registered under the
United States Securities Act of 1933, as amended (the "Securities
Act"), or any state securities laws and may not be offered or sold
in the United States absent registration or an applicable exemption
under the Securities Act and applicable state laws.
This notice is issued pursuant to Rule 135c under the Securities
Act and shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the Shares in
any state in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state.
Glencore acquired the Third Tranche Shares from PolyMet pursuant
to applicable exemptions from the registration and prospectus
requirements and has received legal opinions to that effect from
legal counsel to PolyMet.
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.
About Glencore International plc
Glencore is one of the world's leading integrated producers and
marketers of commodities, headquartered in Baar, Switzerland, and
listed on the London and Hong Kong Stock Exchanges. Glencore has
worldwide activities in the production, sourcing, processing,
refining, transporting, storage, financing and supply of Metals and
Minerals, Energy Products and Agricultural Products. Glencore
headquarters is located at Baarermattstrasse 3, CH-6340 Baar,
Switzerland.
POLYMET MINING CORP.
Jon Cherry, CEO
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Contacts: PolyMet Mining Corp. - Corporate Douglas Newby Chief
Financial Officer +1 (651) 389-4105dnewby@polymetmining.com PolyMet
Mining Corp. - Media LaTisha Gietzen VP Public, Gov't &
Environmental Affairs +1 (218) 225-4417lgietzen@polymetmining.com
PolyMet Mining Corp. - Investors Jenny Knudson VP - Investor
Relations +1 (651) 389-4110jknudson@polymetmining.com
www.polymetmining.com Glencore International plc Paul Smith
(Investors) +41 (0)41 709 2487 m: +41 (0)79 947
1348paul.smith@glencore.com Glencore International plc Charles
Watenphul (Media) +41 (0)41 709 2462 m: +41 (0)79 904
3320charles.watenphul@glencore.com Glencore International plc Elisa
Morniroli (Investors) +41 (0)41 709 2818 m: +41 (0)79 833
0508elisa.morniroli@glencore.com RLM Finsbury (Media) Guy Lamming
+44 (0)20 7251 3801 RLM Finsbury (Media) Dorothy Burwell +44 (0)20
7251 3801
Polymet Mining (TSX:POM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Polymet Mining (TSX:POM)
Historical Stock Chart
From Jul 2023 to Jul 2024