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PLM

PolyMet Mining

$0.52

0.0089 (1.76%)

, GLNCY

Glencore

$0.00

(0.00%)

07:44
05/07/19
05/07
07:44
05/07/19
07:44

PolyMet Mining enters standby purchase agreement with Glencore

PolyMet Mining Corp. has filed a short form preliminary prospectus with securities regulatory authorities in each of the Canadian provinces, and a registration statement on Form F-10 with the U.S. Securities and Exchange Commission in respect of an offering of rights to purchase common shares of the company to raise approximately $265M in gross proceeds. Summary of Rights Offering. Pursuant to the Rights Offering, all eligible registered shareholders of PolyMet will receive one Right for every common share of PolyMet owned on the record date which will be a date no less than 10 calendar days following receipt of the approval of the Toronto Stock Exchange and NYSE American for the Rights Offering. The Rights Offering will include an additional subscription privilege entitling holders of Rights who have fully exercised their Rights to subscribe for additional common shares, if available, that were not otherwise subscribed for under the Rights Offering. PolyMet will apply to have the Rights listed for trading on both the TSX and NYSE American. The approval of such listings is subject to the company fulfilling all of the listing requirements of these exchanges. As contemplated by the previously disclosed Extension Agreement between PolyMet and Glencore AG (GLNCY) and in connection with the Rights Offering, PolyMet has entered into a standby purchase agreement pursuant to which Glencore, subject to certain terms and conditions and limitations, has agreed to exercise its basic subscription privilege in full and to purchase at the Rights Price, that number of common shares, equal to the difference, if any, of the total number of common shares offered pursuant to the Rights Offering minus the number of common shares subscribed for pursuant to the basic subscription privilege and the additional subscription privilege. As a result, subject to the satisfaction of the terms and conditions of the Standby Purchase Agreement, the Rights Offering will be fully backstopped by Glencore. Glencore will be entitled to a fee at the closing of the Rights Offering of approximately $7.7M which is equal to 3.0 percent of the total funds committed by Glencore. The company intends to make available the proceeds of the Rights Offering for: the repayment of the amount that PolyMet is indebted to Glencore which, as at March 31, 2019, is the principal amount of $165M plus accrued interest of approximately$77.8 M plus additional interest which continues to accrue; the payment of the Standby Fee in full; and payment of expenses of the Rights Offering.

PLM

PolyMet Mining

$0.52

0.0089 (1.76%)

GLNCY

Glencore

$0.00

(0.00%)

PLM PolyMet Mining
$0.52

0.0089 (1.76%)

GLNCY Glencore
$0.00

(0.00%)

09/10/18
JPMS
09/10/18
DOWNGRADE
JPMS
Neutral
Glencore downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Dominic O'Kane downgraded Glencore to Neutral and removed the shares from his firm's European Analyst Focus List. The company's "investment appeal" is unlikely to be reinstated until regulatory risks are resolved, the analyst tells investors in a research note. He lowered his price target for the shares to 370p from 520p.
09/25/18
MSCO
09/25/18
UPGRADE
MSCO
Overweight
Glencore upgraded to Overweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Menno Sanderse upgraded Glencore to Overweight while lowering his price target for the shares to EUR 3.90 from EUR 4.0. The analyst views the recent pullback in the Europe metals and mining sector as a buying opportunity.
04/10/19
RBCM
04/10/19
DOWNGRADE
RBCM
Sector Perform
Glencore downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital analyst Tyler Broda downgraded Glencore to Sector Perform from Outperform and lowered his price target for the shares to 330p from 350p. The weakness in thermal coal prices has removed a positive part of the investment thesis, Broda tells investors in a research note.
04/11/19
GSCO
04/11/19
DOWNGRADE
GSCO
Neutral
Glencore downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Eugene King downgraded Glencore to Neutral from Buy and lowered his price target for the shares to GBP 3.20 from GBP 3.40.

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