HOYT LAKES, MINNESOTA--(Marketwire -
Aug. 27, 2009) - PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM)
("PolyMet" or the "Company") announced today that
it has filed a universal shelf registration statement on Form F-3 with
the U.S. Securities and Exchange Commission, and that it has filed
notice declaring its intention to be qualified under Canadian National
Instrument 44-101 Short Form Prospectus Distributions with the British
Columbia Securities Commission, Ontario Securities Commission and
Alberta Securities Commission.
After the universal shelf registration statement is declared effective
by the Securities and Exchange Commission, the Company will have the
option to offer and sell, from time to time in one or more offerings,
up to $500 million of its debt securities, common shares, warrants and
units. Specific terms of any future offering under this universal
registration statement will be established at the time of any such
offering, and will be described in a prospectus supplement that the
Company will file with the Securities and Exchange Commission. The
Company intends to file a preliminary short form prospectus in British
Columbia, Ontario and Alberta upon satisfying all applicable
qualification criteria. This notice does not evidence the Company's intent
to enter into any particular financing or transaction and will remain
in effect until withdrawn by the Company.
The Company expects to use the net proceeds from offerings under the
universal shelf registration statement for construction finance for the
Company's copper, nickel, precious metals development project located
in northeastern Minnesota as well as general corporate purposes.
PolyMet's Chief Financial Officer, Douglas Newby stated, "We
continue to monitor the range of financing opportunities. The universal
shelf registration, once effective, will provide flexibility in
structuring the finance package for construction of the NorthMet
copper-nickel-precious metals mine, related modifications and
refurbishment of the Erie Plant, as well as general corporate
purposes."
A registration statement related to these securities has been filed
with the Securities and Exchange Commission, but has not yet become
effective. These securities may not be sold, nor may offers to buy be
accepted, prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell or
a solicitation of an offer to buy the securities, nor shall there be
any sale of these securities in any jurisdiction in which an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such 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.
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," and
similar expressions, or statements that events, conditions or results
"will," "may," "could," or
"should" occur or be achieved. These forward-looking
statements may include statements regarding exploration results and
budgets, reserve estimates, mineral resource estimates, work programs,
capital expenditures, timelines including timelines for third-party
studies and issuance of permits to operate by various government
agencies, strategic plans, the market price of metals, 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 currently anticipated in such statements due to a variety of
risks, uncertainties and other factors. 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 Form 20-F/Annual
Information Form on file with the SEC and Canadian securities
authorities 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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