PolyMet announces shareholder authorized 1-for-10 reverse stock split
August 21 2020 - 4:00PM
Business Wire
The board of directors of PolyMet Mining Corp. (“PolyMet” or the
“company”) TSX: POM; NYSE American: PLM, today announced a 1-for-10
reverse stock split of its common shares effective on August 26,
2020, at 12:01 a.m. Pacific time. The company’s common shares will
begin trading on a split adjusted basis on both the NYSE American
and Toronto Stock Exchange under their current symbols at such
date; the new CUSIP number is 731916409 and the new ISIN number is
CA7319164090.
At PolyMet’s annual general and special meeting of shareholders
held on June 24, 2020, shareholders authorized the board of
directors, at its discretion, to effectuate a reverse stock split
up to a 1-for-10 basis.
At the effective time, every ten issued and outstanding common
shares of the company will be converted into one share of the
company’s common shares. The reverse stock split will result in the
number of issued and outstanding common shares of PolyMet being
reduced from 1,006,997,495 to approximately 100,699,749 shares.
Each shareholder will hold the same percentage of common shares
outstanding immediately after the reverse stock split as held
immediately prior to the action. No fractional shares will be
issued in connection with the reverse stock split, and all
fractional shares will be rounded down to the nearest whole
share.
Registered shareholders holding physical share certificates will
receive by mail a letter of transmittal advising of the reverse
stock split and containing instructions. Holders of common shares
of the company who hold uncertificated common shares (i.e. common
shares held in book-entry form and not represented by physical
share certificate), either as a registered holder or beneficial
owner, will have their existing book-entry account(s)
electronically adjusted by the company’s transfer agent, or, for
beneficial shareholders, by their brokerage firms, banks, trusts or
other nominees that hold in “street name” for their benefit. Such
holders do not need to take any additional actions to exchange
their pre-reverse stock split common shares for post-reverse stock
split common shares.
About PolyMet
PolyMet is a mine development company that owns 100% of the
NorthMet Project, the first large-scale project to be permitted
within the Duluth Complex in northeastern Minnesota, one of the
world’s major, undeveloped mining regions. NorthMet has significant
proven and probable reserves of copper, nickel and palladium –
metals vital to global carbon reduction efforts – in addition to
marketable reserves of cobalt, platinum and gold. When operational,
NorthMet will become one of the leading producers of nickel,
palladium and cobalt in the U.S., providing a much needed,
responsibly mined source of these critical and essential
metals.
Located in the Mesabi Iron Range, the project will provide
economic diversity while leveraging the region’s established
supplier network and skilled workforce, and generate a level of
activity that will have a significant effect in the local economy.
For more information: www.polymetmining.com.
PolyMet Disclosures
This news release contains certain forward-looking statements
concerning anticipated developments in PolyMet’s operations in the
future. Forward-looking statements are frequently, but not always,
identified by words such as “expects,” “anticipates,” “believes,”
“intends,” “estimates,” “potential,” “possible,” “projects,”
“plans,” and similar expressions, or statements that events,
conditions or results “will,” “may,” “could,” or “should” occur or
be achieved or their negatives or other comparable words. These
forward-looking statements may include statements regarding the
ability to receive environmental and operating permits, job
creation, and the effect on the local economy, or other statements
that are not a statement of fact. Forward-looking statements
address future events and conditions and therefore involve inherent
known and unknown risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements due
to risks facing PolyMet or due to actual facts differing from the
assumptions underlying its predictions.
PolyMet’s forward-looking statements are based on the beliefs,
expectations and opinions of management on the date the statements
are made, and PolyMet does not assume any obligation to update
forward-looking statements if circumstances or management’s
beliefs, expectations and opinions should change.
Specific reference is made to risk factors and other
considerations underlying forward-looking statements discussed in
PolyMet’s most recent Annual Report on Form 40-F for the fiscal
year ended December 31, 2019, and in our other filings with
Canadian securities authorities and the U.S. Securities and
Exchange Commission.
The Annual Report on Form 40-F also contains the company’s
mineral resource and other data as required under National
Instrument 43-101.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200821005433/en/
Media Bruce Richardson, Corporate Communications Tel: +1
(651) 389-4111 brichardson@polymetmining.com
Investor Relations Tony Gikas, Investor Relations Tel: +1
(651) 389-4110 investorrelations@polymetmining.com
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