- PolyMet Mining Corp. (POM) has commenced its multi-million-dollar offering of rights to purchase common shares of the company
- This rights offering will involve the company raising up to US$195,400,000 in gross proceeds, which is one of the largest in the market
- For each right held by a shareholder, the rights offering grants such a shareholder the right to acquire 0.91068844 common shares at US$2.11 per common share
- PolyMet is a mine development company holding a 50-per-cent interest in NewRange Copper Nickel LLC, a joint venture with Teck Resources
- Polymet Mining Corp. (POM) opened trading at C$3.23 per share
PolyMet Mining Corp. (POM) has commenced its multi-million-dollar offering of rights to purchase common shares of the company.
This rights offering will involve raising up to US$195,400,000 in gross proceeds, one of the largest in the market.
The rights offering will trade on the Toronto Stock Exchange (TSX) under the symbol “POM.RT” and will cease trading on the TSX at noon ET on April 4, 2023. It will trade on the NYSE American under the symbol “PLM.RT”, and will be suspended on the NYSE American prior to the market opening on April 4, 2023.
All eligible holders of common shares of PolyMet have been distributed one right for every common share of PolyMet owned on the record date of March 10, 2023.
For each right held by a shareholder, the rights offering grants such a shareholder the right to acquire 0.91068844 common shares at US$2.11 per common share. The company is offering a total of 101,688,603 rights to purchase 92,606,635 common shares in connection with the rights offering.
Subject to applicable law, all PolyMet shareholders have the choice to participate and, by exercising all of their rights, maintain their existing levels of ownership.
Rights holders can, in whole or in part, exercise their rights and subscribe for common shares or sell or assign their rights to another party.
The expiry time of the rights offering is 5:00 p.m. ET on April 4, 2023, after which time unexercised rights will be void and of no value.
Shareholders who fully exercise their rights under their basic subscription privilege will be entitled to subscribe for additional common shares, if available as a result of unexercised rights prior to the expiry time, subject to certain limitations as set out in the rights offering circular.
The company expects to close the rights offering no later than April 28, 2023.
No fractional rights will be issued. No fractional common shares will be issued.
The company signed a standby purchase agreement with Glencore AG, the company’s largest shareholder, for Glencore. As a result, the rights offering will be fully backstopped by Glencore.
PolyMet is a mine development company holding a 50-per-cent interest in NewRange Copper Nickel LLC, a joint venture with Teck Resources.
Polymet Mining Corp. (POM) opened trading at C$3.23 per share.