PolyMet Sells Shares to Glencore
Posted at: 11/17/2009 8:36 AM
| Updated at: 11/17/2009 9:42 AM
By: Renee Passal
PolyMet announced Tuesday that it has entered into a definitive agreement with Glencore A.G. 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.
This is on top of the $50 million dollars Glencore has already invested in the project.
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.
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