PolyMet Closes Private Placement
GOLDEN, Colo., July 29 /PRNewswire/ -- POLYMET MINING CORP. (Vancouver: POM -
news) announces the closing of a private placement for gross proceeds of $2,468,145 Cdn. with
the sale 1,645,430 units at $1.50 Cdn. per unit. Of the gross proceeds, $1,300,000 was
brokered with Union Securities acting as the agent. The remaining $1,168,145 was non-brokered.
The financing has been approved.
Each unit consists of one common share of the Company and one-half share purchase warrant.
Each whole warrant is non-transferable and entitles the holder to purchase one additional common
share of the Company at $2.00 Cdn. per share if exercised during the first year and at $2.25 Cdn.
per share if exercised during the second year. The shares and any share issued upon exercise of
the warrants are subject to a hold period, which expires November 29, 1999.
The Company is pleased with this interim financing, which was established in response to demand,
and is optimistic about the future. The NorthMet Project in Minnesota is on track, and the
Company is advancing the pre-development work on the project. PolyMet is about to finalize the
selection of a metallurgical process, which should result in lower costs than earlier estimates
indicated. Pre-development work will include in-fill drilling to make sure the deposit is well
understood for mine planning and to gather material to feed the metallurgical pilot plant this winter.
The results of the drilling and of the pilot plant tests will be used for the pre-feasibility study
expected in the first quarter of 2000.
Hmmm...I thought that they were trying to get around $5,000,000. Well, I guess it is pretty good to be able to raise any amount of cash in this difficult market.
It sure would be nice to reverse this downward trend that we've been seeing for the last couple of months. |
