Swiss mining company Glencore plc has revealed its intention to purchase the remaining shares of PolyMet Mining Corp. for $2.11 per share in cash. Glencore’s unit Glencore AG submitted a non-binding proposal on June 30 to acquire the shares it does not currently own. The proposal is subject to negotiation, execution of definitive transaction documents, and customary approvals. Glencore currently holds 82.19% of PolyMet’s issued and outstanding Common Shares and a purchase warrant that entitles it to buy an additional 811,190 Common Shares. If the warrant is exercised, Glencore’s stake in PolyMet would increase to 82.26%. PolyMet’s shares surged by 124.05% in pre-market activity upon the announcement of the proposal.
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