PolyMet Mining Corp (AMEX:PLM) inked a deal with Glencore PLC (OTC:GLCNF)(OTC:GLNCY) to sell its remaining 17.8% of shares for $2.11 in cash per share.
Glencore presently holds around 82.18% of PloyMet shares.
The deal represents a 167% premium over PLM’s $0.79 per share price as of Friday, June 30, 2023, when the company received the binding offer from Glencore.
The transaction is expected to close shortly after the shareholder meeting in late Q3 or early Q4.
“The necessary next step for advancement of the NewRange Copper Nickel joint venture and the development of strategic minerals vital to our economy’s clean energy transformation. The Special Committee strived to maximize value for our Minority Shareholders in light of the uncertain permitting environment and associated judicial outcomes as well as the likely need for further substantial financing to meet the company’s obligations to NewRange,” said Al Hodnik, Lead Independent Director and Chair of the Independent Special Committee.
Price Action: PLM shares are trading higher by 2.96% at $2.09 on the last check Monday.
