St. Paul, MN (NNCNOW.com) - PolyMet is getting a major infusion of cash to help pay for its permitting process and new equipment.
The company announced Wednesday it will obtain $60 million through a stock transaction.
On top of that, Glencore 'A-G' has agreed to provide a 20 million dollar bridge loan.
President & CEO of PolyMet, John Cherry, says the announcements will ensure the project is well financed.
The proceeds from the Rights Offering will be used for:
•Repayment of the Bridge Loan (as described below)
•Anticipated costs to complete the environmental review and permitting of the NorthMet Project
•Detailed engineering in preparation for the start of project construction
•Commitments to long-lead time equipment
•Maintaining existing infrastructure
•General corporate purposes
PolylMet is working to open a non-ferrous minerals mine by 2014 in Hoyt Lakes putting some 360 people to work.