PolyMet's 1.4 Million Unit Private Placement Has Closed
GOLDEN, Colo., April 9 /PRNewswire/ -- PolyMet Mining Corporation
(Vancouver: POM.) is pleased to announce that the private placement mentioned
in its News Release 99-8 of March 4, 1999 has closed. The Company sold
1.4 million units at CDN $1.08 per unit for gross proceeds of CDN $1,512,000.
Each unit consisted of one share and one warrant entitling the holder to
purchase one additional share for a period of two years, at CDN $1.10 during
the first year and CDN $1.25 during the second year. The warrants are
nontransferable. The shares and any shares issued upon exercise of the
warrants are subject to a hold period, which expires July 31, 1999. Proceeds
of the offering will be used to fund PolyMet's ongoing metallurgical testing
and other project development activities at its NorthMet Project in northern
Minnesota. The Company paid a finder's fee of CDN $90,720 in respect to the
private placement.
PolyMet expects the pressure oxidation metallurgical testing to be
completed in late April. Results will be announced soon thereafter.
Bio-oxidation testing of NorthMet bulk concentrate is ongoing and encouraging.
Final results of the bio-oxidation tests are expected at the end of May. The
Company expects to select a metallurgical process or combination of processes
in June.
For further information, please contact Leslie Landefeld, Investor
Relations, at the Company headquarters in Golden, Colorado at 877-233-4831.
You may also visit the Company's web site at www.polymetmining.com.
This news release was prepared by Leslie A. Landefeld on behalf of PolyMet
Mining Corporation, which is solely responsible for its contents. The
Vancouver Stock Exchange has neither approved nor disapproved the information
herein.
SOURCE PolyMet Mining Corporation
-0- 04/09/99
/CONTACT: Leslie Landefeld, Investor Relations of PolyMet Mining
Corporation, 877-233-4831/ |
