Monday, December 12, 2011

Are You Smarter Than Glencore? (PLM; GLEN.L)

Last week Glencore announced it had subscribed a $20 million private placement in Polyment, 13,333,333 shares at $1.50, along with 2,600,000 warrants exercisable at $1.50 until Dec. 31, 2015.

Polymet closed at $1.12 on Friday.

Here's the Polymet press release.

One note of caution: Glencore has a 31.5% partially diluted stake in PLM so they probably have more say in the company's affairs than you or I would.

If interested, you should probably read the convertible debenture terms and the terms for issuance of the $2.00 tranche of common.