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Gold/Mining/Energy : PolyMet Mining Corp POM.V (was Fleck Resources) -- Ignore unavailable to you. Want to Upgrade?

To: anthony h wooten who wrote (643)	5/5/1999 12:33:00 PM
From: GWalker	Read Replies (1) \| Respond to of 708

PolyMet Pursues Financing for NorthMet Project (99-13) GOLDEN, Colo., May 5 /PRNewswire/ -- PolyMet Mining Corporation (Vancouver: POM) announces that Union Securities Ltd. has agreed to act as the Company's agent on a brokered private placement to raise up to $5,000,000 Cdn. It is anticipated that the private placement will be by the way of Special Warrants, at $2.00 Cdn. per Special Warrant; each Special Warrant would be exchangeable into one common share and one-half share purchase warrant. One whole-share purchase warrant entitles the holder to purchase one additional share of PolyMet at a price of $2.50 Cdn. during the first year and $3.00 Cdn. during the second year. Union is to receive a commission of 7% of the gross proceeds, as well as a corporate finance fee. If the offer is guaranteed, Union will receive broker's warrants equal to 10% of the number of Special Warrants issued. The offering is subject to regulatory approval. The proceeds of the offering will be used to fund PolyMet's NorthMet Project in Minnesota and for working capital purposes. Signed, Donald W. Gentry President & CEO