10:05 AM EST - PolyMet Mining Corp. : Today announced preliminary results that indicate successful conclusion of its approximately US$195 million rights offering following the expiration of the subscription period, at 5:00 p.m. (Toronto time) on April 4. The company intends to use the net proceeds of the rights offering and standby commitment for: (a) repayment of costs related to the rights offering and repayment of all of its unsecured and secured and convertible debt owed to Glencore AG ("Glencore") which, as at January 31, was US$97 million, with additional interest accruing of approximately US$800,000; (b) funding the company's portion of NewRange Copper Nickel LLC, a 50:50 joint venture the company entered into with Teck Resources Limited ("Teck") on February 14; and (c) general corporate purposes. PolyMet Mining Corp.
shares T.POM are trading down $0.06 at $2.80.
