Glencore grabs over 31 million shares of Polymet
Glencore Xtrata plc announced that it has acquired 31,756,979 common shares of Polymet Mining Corp, Canada Newswire reported Friday.Here is the company’s press release in full:BAAR, Switzerland, July 5, 2013 /CNW/ – Glencore Xstrata plc announces that its indirect, wholly-owned subsidiary, Glencore AG ("Glencore") has acquired 31,756,979 common shares of PolyMet Mining Corp. ("PolyMet") at US$0.66 per common share pursuant to its basic subscription privilege and additional subscription privilege under PolyMet’s previously announced rights offering ("Rights Offering"), representing approximately 11.6% of PolyMet’s issued and outstanding common shares following the Rights Offering.Following completion of the Rights Offering, Glencore holds 78,724,821 common shares representing approximately 28.6% of PolyMet’s issued and outstanding common shares. The Rights Offering triggered the customary anti-dilution provisions of PolyMet’s convertible debenture exchange warrant and purchase warrants held by Glencore. The numbers of common shares issuable to Glencore under the convertible debenture exchange warrant and purchase warrants have been adjusted to 24,083,366 and 6,458,001, respectively, which, if exercised, would result in Glencore holding 109,266,188 common shares representing approximately 35.8% of the outstanding common shares of PolyMet on a partially diluted basis.In connection with the closing of the Rights Offering, PolyMet repaid the principal amount and all outstanding accrued and unpaid interest thereon of the previously announced US$20 million loan ("Bridge Loan") advanced by Glencore to PolyMet on April 11, 2013.Glencore’s decision to participate in the Rights Offering was made for investment purposes. Glencore will continue to review its investment alternatives from time to time and may determine to increase or decrease its equity ownership in PolyMet through the acquisition or sale of additional outstanding common shares or other securities of PolyMet through open market or privately negotiated transactions in accordance with applicable securities laws. Persons who wish to obtain a copy of the early warning report to be filed by Glencore in connection with this transaction may obtain a copy of such report from www.sedar.com or by contacting Glencore’s representative listed below.Glencore Xstrata is one of the world’s largest global diversified natural resource companies. As a leading integrated producer and marketer of commodities with a well-balanced portfolio of diverse industrial assets, we are strongly positioned to capture value at every stage of the supply chain, from sourcing materials deep underground to delivering products to an international customer base.The Group’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries. Our diversified operations comprise over 150 mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities. We employ approximately 190,000 people, including contractors.