PolyMet Mining Files Q1 Fiscal 2014 Results and Distributes Rights Offering Materials

Copper Investing

PolyMet Mining Corp. (TSX:POM,NYSE:PLM) filed its first quarter fiscal results for the three months that ended on April 30, 2013. PolyMet has also distributed Rights Offering materials to shareholders, which include a prospectus, and the certificate(s) representing the rights.

Financial Highlights
Loss for the three months ended April 30, 2013 was $1.660 million compared with $1.250 million for the prior year period. General and administrative expenses in the three months ending April 30, 2013 were $1.123 million compared with $0.667 million in the prior year period, excluding non-cash share based compensation. The increase primarily reflects increased public relations activity leading up to publication of the supplemental draft Environmental Impact Statement (expected later this summer) as well as increased investor relations activity related to the Rights Offering.
At April 30, 2013 PolyMet had cash and cash equivalents of $19.109 million compared with $8.088 million at January 31, 2013. The increase in cash reflects the $20 million loan scheduled to be repaid with proceeds from the anticipated closing of a $60 million Rights Offering in early July. On a pro forma basis, adjusting for the Rights Offering (including repayment of a $20 million bridge loan and assuming the Rights Offering is fully subscribed) PolyMet would have had cash and equivalents of approximately $58 million net of standby fees payable in connection with the Rights Offering.
PolyMet invested $4.855 million into its NorthMet project during the three months ended April 30, 2013, compared with $4.096 million in the prior year period, excluding a $2.092 million purchase of wetland restoration properties in the prior year period.
As of April 30, 2013 PolyMet had spent $55.565 million on environmental review and permitting, of which $49.114 million has been spent since the NorthMet project moved from exploration to development stage on October 31, 2006, following publication of the Definitive Feasibility Study.

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