Regions

Glencore Xstrata plc announced the acquisition of 31,756,979 common shares of PolyMet Mining Corp. by Glencore AG, a wholly-owned subsidiary. This represented 11.6% of PolyMet's issued and outstanding common shares. At the time of purchase, the price was US $0.66 per common share. Glencore now held a total of 78,724,821 common shares at PolyMet, bringing Glencore's stake in PolyMet to 28.6%.

The sale was in line with Glencore's basic subscription privilege as well as additional subscription privilege under PolyMet's rights offering. The rights offering activated the anti-dilution provisions of the warrants held by Glencore. Under this anti-dilution provision, there was an adjustment of the number of common shares that can be issued to Glencore to 24,083,366 for its debenture exchange warrant and 6,458,001 for its purchase warrant.

Also, PolyMet repaid its bridge loan, principal plus interest, to Glencore amounting to US$ 20 million. The bridge loan was issued last April 11, 2013.