PolyMet Mining Corp. - Exhibit 99.1 - Filed by newsfilecorp.com
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100 King Street West, Suite 5700, Toronto,
Ontario, Canada, M5X 1C7 |
| Tel: +1 (416) 915-4149 |
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| 444 Cedar Street, Suite 2060, St. Paul, MN
55101 |
| Tel: +1 (651) 389-4100 |
| |
| www.polymetmining.com |
TSX: POM, NYSE MKT: PLM
POLYMET ANNOUNCES
US$10 MILLION PRIVATE PLACEMENT
St. Paul, Minn., September 20, 2016 – PolyMet Mining
Corp. (“PolyMet” or the “Company”) TSX:POM; NYSE MKT:PLM – announced today 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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* * * *
About PolyMet
PolyMet Mining Corp.
(www.polymetmining.com) is a publicly-traded mine development company that owns
100 percent of Poly Met Mining, Inc., a Minnesota corporation that controls 100
percent of the NorthMet copper-nickel-precious metals ore body through a
long-term lease and owns 100 percent of the Erie Plant, a large processing
facility located approximately six miles from the ore body in the established
mining district of the Mesabi Iron Range in northeastern Minnesota. Poly Met
Mining, Inc. has completed its Definitive Feasibility Study. The NorthMet Final
EIS was published in November 2015, preparing the way for decisions on permit
applications. NorthMet is expected to require approximately two million hours of
construction labor, creating approximately 360 long-term jobs, a level of
activity that will have a significant multiplier effect in the local economy.
For further information, please contact:
Media
Bruce Richardson
Corporate Communications
Tel: +1 (651) 389-4111
brichardson@polymetmining.com
Investor Relations
Jenny Knudson
Investor
Relations
Tel: +1 (651) 389-4110
jknudson@polymetmining.com
PolyMet Disclosures
This news release contains
certain forward-looking statements concerning anticipated developments in
PolyMet’s operations in the future. Forward-looking statements are frequently,
but not always, identified by words such as “expects,” “anticipates,”
“believes,” “intends,” “estimates,” “potential,” “possible,” “projects,”
“plans,” and similar expressions, or statements that events, conditions or
results “will,” “may,” “could,” or “should” occur or be achieved or their
negatives or other comparable words. These forward-looking statements may
include statements regarding the ability to receive environmental and operating
permits, job creation, and the effect on the local economy, placement of
additional Units, the closing date of the Offering, the use of proceeds of the
Offering, or other statements that are not a statement of fact. Forward-looking
statements address future events and conditions and therefore involve inherent
known and unknown risks and uncertainties. Actual results may differ materially
from those in the forward-looking statements due to risks facing PolyMet or due
to actual facts differing from the assumptions underlying its predictions.
PolyMet’s forward-looking statements are based on the
beliefs, expectations and opinions of management on the date the statements are
made, and PolyMet does not assume any obligation to update forward-looking
statements if circumstances or management’s beliefs, expectations and opinions
should change.
Specific reference is made to PolyMet’s most recent Annual
Report on Form 20-F for the fiscal year ended January 31, 2016 and in our other
filings with Canadian securities authorities and the U.S. Securities and
Exchange Commission, including our Report on Form 6-K providing information with
respect to our operations for the three and six months ended July 31, 2016, for
a discussion of some of the risk factors and other considerations underlying
forward-looking statements.
The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.