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PolyMet Mining Corp. (NYSE: PLM) announced that it intends to offer 13,333,333 Units (the "Units"), at a price of US$0.75 per Unit for gross proceeds of US$10,000,000 in a private transaction that is exempt from the registration requirements of the Securities Act of 1933 as amended (the "Offering"). Each Unit will consist of one common share (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant a "Warrant"), exercisable for one Common Share (a "Warrant Share") for US$1.00 per Warrant Share for a period beginning 6 months following the issue date and ending 60 months after the issue date, subject to acceleration in certain circumstances.
The underwriter for the Offering has agreed to purchase 10,000,000 Units for US$7,500,000 on a bought deal basis and PolyMet has received additional direct interest for 3,333,333 Units for US$2,500,000.
The underwriter and the Company may sell additional Units on the same terms. As agreed under previous financing arrangements, one shareholder of PolyMet has the right to maintain its pro rata share of the total number of Units sold.
The Offering is expected to close on or about October 18, 2016 and is subject to PolyMet receiving all necessary regulatory approvals. All securities issued in connection with the Offering will be subject to a four month hold period in Canada.
The Company intends to use the net proceeds from the Offering primarily to advance its NorthMet Project, for working capital, and general corporate purposes.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or any applicable state securities laws and may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended, and any applicable state securities laws, or compliance with an exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933, as amended.
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