On April 10, 2023, PolyMet Mining Corp. (“PolyMet”) completed a rights offering for gross proceeds of approximately US$195 million. PolyMet’s majority shareholder, Glencore AG (“Glencore”), provided the standby commitment.

PolyMet, a mine development company that is publicly traded on both the Toronto Stock Exchange and NYSE American, recently announced the successful completion of the 50/50 joint venture entered into with Teck Resources Limited, which publicly trades on both the Toronto Stock Exchange and NYSE.

The net proceeds of the rights offering and standby commitment were used to repay costs related to the rights offering and repayment of all of its unsecured and secured and convertible debt owed to Glencore as well as funding of the company’s portion of the joint venture.

PolyMet was represented by a Farris transaction team led by Denise Nawata that also included Ryan McCracken (corporate and securities) and Mark Chu (tax).

For a copy of the full press release, click here.