PolyMet completes US$195 million rights offering CanadiansInvest
-NYSE. Teck and PolyMet are equal partners in NewRange Copper Nickel, an entity set up to manage two undeveloped clean energy projects in Minnesota.
The rights offering expired at 5:00 p.m. on April 4, 2023. The company issued the full allotment of 92.6 million common shares generating gross proceeds of approximately US$195 million. According to a 2019 estimate, NorthMet contains measured and indicated resource of 795 million tons of 0.234% copper, 0.071% nickel, 69.0 g/t cobalt, 0.062 g/t platinum, 0.214 g/t palladium, 0.031 g/t gold, and 0.87 g/t silver. NorthMet is also estimated to contain 290.4 million tons of proven and probable reserves.
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