🕐18.11.09 - 09:31 Uhr
PolyMet Mining Sells US$25 Million of Common Shares to Glencore
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PolyMet Mining Corp.
TSX:
POM
NYSE Amex:
PLM
Other
Recent News
November 17, 2009
PolyMet Mining Sells US$25 Million of Common Shares to Glencore
HOYT LAKES, MINNESOTA--(Marketwire - Nov.
17, 2009) - PolyMet Mining Corp.
(TSX:POM)(NYSE Amex:PLM) ("PolyMet" or the "Company") announced today that
it has entered into a definitive agreement with Glencore A.G.
("Glencore")
to sell 9,433,962 common shares of the Company at US$2.65 per share gross
proceeds of US$25 million, before deducting estimated offering expenses.
Closing and funding are expected to occur in two transactions - US$10
million on November 23, 2009 and US$15 million on or before January 29,
2010, subject, in each case, to customary closing conditions.
The common shares are being offered directly by the Company pursuant to an
effective shelf registration statement previously filed with the Securities
Exchange Commission and a final short form base shelf prospectus and
prospectus supplement filed with the securities commissions in each of
British Columbia, Alberta and Ontario.
The Company anticipates that the net
proceeds from the offering will be used, upon receipt of permits, for
construction of the NorthMet copper-nickel-precious metals mine, related
modifications and refurbishment of the Erie Plant, and general corporate
purposes.
Copies of the United States prospectus supplement and accompanying base
prospectus relating to the offering will be available from the Securities
Exchange Commission website at http://www.sec.gov, and copies of the
Canadian prospectus supplement and accompanying base shelf prospectus
relating to the offering will be available from the Canadian Securities
Administrators website at http://www.sedar.com, or from the Company at 1003
- 1177 West Hastings Street, Vancouver, British Columbia, Canada, V6E 2K3,
Attention: Corporate Secretary.
This press release does not and shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities, nor shall there by
any sale of the securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration of
qualification under the securities laws of any state of jurisdiction.
About PolyMet
PolyMet Mining Corp.
(www.polymetmining.com) is a publicly-traded mine
development company 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.
PolyMet Mining Corp.
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 one million man hours of construction
labor and create at least 400 long-term jobs, a level of activity that will
have a significant multiplier effect in the local economy.
About Glencore
Glencore International AG, based in Baar, Switzerland, is a leading
privately held, diversified natural resources company with worldwide
activities in the smelting, refining, mining, processing, purchasing,
selling and marketing of metals and minerals, energy products and
agricultural products.
Glencore AG, which maintains offices in Stamford,
Connecticut, is a subsidiary of Glencore International AG.
POLYMET MINING CORP.
Joe Scipioni, President
This news release contains certain forward-looking statements concerning
anticipated developments in PolyMets 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 expected proceeds and closing of the registered
direct offering, exploration results and budgets, reserve estimates, mineral
resource estimates, work programs, capital expenditures, actions by
government authorities, including changes in government regulation, the
market price of natural resources, costs, or other statements that are not a
statement of fact.
Forward-looking statements address future events and
conditions and therefore involve inherent 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.
PolyMets 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 managements beliefs,
expectations and opinions should change.
Specific reference is made to PolyMets most recent Annual Report on Form
20-F for the fiscal year ended January 31, 2009 and in our other filings
with Canadian securities authorities and the Securities and Exchange
Commission, including our Report on Form 6-K providing information with
respect to our operations for the six months ended July 31, 2009 for a
discussion of some of the risk factors and other considerations underlying
forward-looking statements.
The TSX has not reviewed and does not accept responsibility for the adequacy
or accuracy of this release.
CONTACT INFORMATION:
PolyMet Mining Corp.
- Investors/Corporate
Douglas Newby
Chief Financial Officer
+1 (646) 879-5970
or
PolyMet Mining Corp.
- Media
LaTisha Gietzen
VP Public, Governmental and Environmental Affairs
+1 (218) 225-4417
www.polymetmining.com
or
Glencore International AG
Marc Ocskay
+41 41 709 2000
Fax: +41 41 709 3000
INDUSTRY: Manufacturing and Production - Mining and Metals
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