PolyMet Reports First Quarter Fiscal 2012 Results

PolyMet Mining Corp. (TSX:POM,NYSE:PLM) reports its financial results for the three months ended April 30, 2011.

The press release is quoted as saying,

At April 30, 2011 PolyMet had cash and cash equivalents of $5.909 million compared with $10.361 million at January 31, 2011. In November 2010, Glencore AG (“Glencore”) agreed to purchase 15 million shares of PolyMet common stock at $2.00 per share for gross net proceeds of $30 million. The first tranche of this private placement, comprising 5 million shares, closed on January 17, 2011. The second tranche of 5 million shares is scheduled to close on or before October 17, 2011 and the final tranche of 5 million shares is scheduled to close on or before October 15, 2012.

For the complete press release, click here.