Polymet Mining Corp. (POM.TO,PLM) shares are up 5 cents to $1.27 each the miner last night agreed to sell $20 million of its stock to Glencore AG through a private placement of 13.3 million shares priced at $1.50 per share. Glencore also received warrants allowing it to purchase up to 2 million additional shares, also at $1.50 each, through the end of 2015.
Polymet, which is working to develop a copper-nickel project in northeastern Minnesota, plans to use $7 million of the proceeds to repay outstanding notes and interest owed Cliffs Natural Resources ( CLF ). The balance will be used for permitting and other operating costs.
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