Mining junior up after successful rights offering

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| July 5, 2013


Stockhouse Canadian Small and Micro-cap Stock Report for Friday, July 5, 2013 VANCOUVER (SHfn) –
 
Polymet Mining Corp. (TSX: T.POM) rose 5% to 83 cents on Friday after the mining company announced the successful completion of its US$60.5 million offering of rights to acquire common shares of PolyMet, which expired at 5:00 PM EST on July 3, 2013. The primary use of funds will include US$17 million for a complete environmental review and permitting of the NorthMet copper-nickel project in northeastern Minnesota along with US$5 million to maintain existing infrastructure, US$10 million for engineering prior to the start of construction and US$10 million for long lead time equipment. polyMet will also use US$9 million for general corporate purposes.
 
Falcon Oil & Gas Ltd. (TSX: V.FO) climbed 2.4% to 21.5 cents as investors assessed the news that oil and gas company had repaid the full amount outstanding on its Convertible Loan Note of $10.657 million. This repayment means that the company is now completely debt free.
 

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