PolyMet Mining Gets Additional US$11 Million From Glencore

PolyMet Mining (TSX:POM) has received another US$11 million from Glencore AG, a wholly-owned subsidiary of Glencore Plc.
As quoted in the press release:

The Loan Facility comprises a debenture issued by Poly Met Mining, Inc., guaranteed by PolyMet Mining Corp., and is due on March 31, 2017. At PolyMet’s discretion, the loan is repayable at any time if it is prudent to do so. The interest rate is 12-month US$ LIBOR plus 15%, reset for each calendar quarter using LIBOR on the last day of the previous quarter. The initial interest rate is 16.1780% per annum and interest will be paid in cash on the due date of the loan.
In addition to general corporate purposes, proceeds will be used to complete a Definitive Project and Cost Update, which PolyMet expects to complete around the same time as submission of formal permit applications, following the state’s Record of Decision on the adequacy of the Final Environmental Impact Statement.

PolyMet CEO, Jon Cherry, said:

We welcome Glencore’s continued financial and technical support through these difficult times in the commodities markets and look forward to the State of Minnesota issuing its adequacy decision on the Final EIS in February.

Click here for the full press release.