NEW YORK PolyMet Mining Corp. exceeded its funding goal for its planned NorthMet Mine through a common share offer that closed July 3.
The Hoyt Lakes, Minn.-based company said it received 3,194 subscriptions for a total of $95.49 million for 144.67 million common shares of PolyMet.
Glencore International AG, a subsidiary of Baar, Switzerland-based Glencore Xstrata Plc, acquired 34.7 percent of the shares. It previously lent the company $20 million in financing for the project, which has been repaid.
PolyMet initially hoped to raise $60 million through the share offering for the NorthMet copper-nickel-platinum mine in Minnesota (amm.com, April 12).
"This is a tremendous outcome for PolyMet, demonstrating the depth of support from Glencore and other shareholders as we complete the environmental review and permitting process and prepare for project construction," president and chief executive officer Jon Cherry said in a statement.
PolyMet expects the Environmental Protection Agency to approve its supplemental draft environmental impact statement (EIS) this summer, and for the mine to begin production 15 months after the EIS process is completed (amm.com, June 6).