HOYT
LAKES, MINNESOTA--(Marketwire - Nov. 12, 2010) - PolyMet Mining Corp.
(TSX:POM)(NYSE Amex:PLM) ("PolyMet" or the
"Company") announced today that it has entered into a
definitive agreement with Glencore AG ("Glencore") to sell in
a private placement 15 million common shares of the Company (the
"New Shares") at US$2.00 per share for gross proceeds of
US$30 million, before deducting estimated offering expenses.
Consummation of the sale of the New Shares and funding are expected to
occur in the following three tranches subject, in each case, to certain
closing conditions:
-- tranche 1 of US$10 million is expected to close no later than January 17th, 2011; -- tranche 2 of US$10 million is expected to close no later than October 17th, 2011; and -- tranche 3 of US$10 million is expected to close on the earlier of a) within ten business days following receipt by PolyMet of key permits, in a form reasonably acceptable to Glencore, that will enable the start of construction of the Project, and b) October 15th, 2012.
The New Shares offered and
to be sold in the private placement have not been registered under the
United States Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States absent
registration under the Securities Act and applicable state securities
laws or an applicable exemption from those registration requirements.
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 New 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.
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 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 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 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.
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, 2010 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, 2010 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.
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