PolyMet Closes Successful Rights Offering

(RTTNews) - PolyMet Mining Corp. (PLM) Friday announced the successful completion of its $60.5 million offering of rights to acquire common shares of the company which expired on July 3.

The company received 3,194 subscriptions for a total of $95.485 million for 144.674 million common shares.

Basic subscriptions have been allotted in full and Additional Subscriptions have been allotted on a pro rata basis.

Since the Rights Offering was oversubscribed, Glencore AG, an indirect wholly-owned subsidiary of Glencore Xstrata plc, did not purchase any common shares under its standby commitment. Glencore acquired 34.7 percent of the shares issued in the basic and additional subscriptions.

Jon Cherry, President and CEO of PolyMet, said, "This is a tremendous outcome for PolyMet, demonstrating the depth of support from Glencore and other shareholders as we complete the environmental review and permitting process and prepare for project construction."