FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of NOVEMBER, 2019
Commission File Number: 001-32929
POLYMET MINING CORP.
(Translation of registrant's name into English)
100 King Street, Suite 5700
Toronto, ON Canada M5X 1C7
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
[ ] Form 20-F [ X ] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
EXPLANATORY NOTE
This report on Form 6-K and attached exhibit are incorporated by reference into Registration Statement No. 333-192208 and this report on Form 6-K shall be deemed a part of such registration statement from the date on which this report on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished by PolyMet Mining Corp. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
SUBMITTED HEREWITH
Exhibits
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News Release dated November 8, 2019 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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PolyMet Mining Corp.
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(Registrant)
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Date: November 8, 2019
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By:
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/s/ Jonathan Cherry
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Jonathan Cherry
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Title:
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President and CEO
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100 King Street West, Suite 5700, Toronto, Ontario, Canada, M5X 1C7
Tel: +1 (416) 915-4149
444 Cedar Street, Suite 2060, St. Paul, MN 55101
Tel: +1 (651) 389-4100 www.polymetmining.com
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NEWS RELEASE | 2019-17 |
•
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In June 2019, a $265.0 million rights offering, fully backstopped by Glencore AG (“Glencore”) was completed with the proceeds used to fully repay
outstanding debt and strengthen the company’s financial position. As a result of the rights offering, Glencore ownership of the company’s issued shares increased to 71.6%;
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•
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In preparation for construction, the company completed geotechnical investigations, installed monitoring wells, advanced project execution planning and
implemented its environmental management system;
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•
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In March 2019, the federal Record of Decision and wetlands permit was received from the U.S. Army Corps of Engineers, representing the last key permit or
approval needed to construct and operate the NorthMet Project;
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•
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In December 2018, all Minnesota Pollution Control Agency permits for NorthMet which the company had applied, including air and water permits, were
received; and
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•
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In November 2018, all Minnesota Department of Natural Resources permits for NorthMet which the company had applied, including the Permit to Mine, dam
safety and water appropriations permits, were received.
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Continue successful resolution of ongoing legal challenges to permits;
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•
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Maintain political, social and regulatory support for the project;
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•
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Finalize project optimization plan;
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•
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Finalize project implementation plan; and
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•
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Complete construction finance, subject to typical conditions precedent.
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Balance Sheet
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September 30, 2019
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December 31, 2018
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||||||
Cash
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$
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14,995
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$
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13,857
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Working capital
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8,500
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(225,359
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)
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Total assets
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509,294
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485,629
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Total liabilities
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75,724
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300,587
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Shareholders’ equity
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$
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433,570
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$
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185,042
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Three months ended
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Nine months ended
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Income and Cash Flow Statement
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September 30,
2019
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September 30,
2018
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September 30,
2019
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September 30,
2018
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||||||||||||
General & administrative expense
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$
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1,287
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$
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1,262
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$ |
5,052
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$
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5,541
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Other Expenses: |
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Finance & other
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(380 |
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(30 |
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(277 |
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604 |
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Non-cash rehabilitation accretion
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671 | 456 | 1,527 |
1,327 | ||||||||||||
Non-cash loss on land exchange
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- | - | - | 553 | ||||||||||||
Non-cash loss on debenture modification
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-
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-
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2,004
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4,109
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Loss for the period:
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1,578
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1,688
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8,306
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12,134
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Loss per share
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0.00
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0.01
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0.01
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0.04
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Investing Activities: |
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NorthMet Property
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$
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4,749
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$
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10,178
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$ |
14,551
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$
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20,226
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Weighed average shares outstanding
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1,005,177,588
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320,583,629
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559,824,359
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320,330,029
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Media |
Investor Relations |
Bruce Richardson |
Tony Gikas |
Corporate Communications |
Investor Relations |
Tel: +1 (651) 389-4111 | Tel: +1 (651) 389-4110 |
brichardson@polymetmining.com | investorrelations@polymetmining.com |