UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2023
Commission File Number: 001-32929
POLYMET MINING CORP.
(Translation of registrant's name into English)
444 Cedar Street, Suite 2060,
St. Paul, MN 55101
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
[ ] Form 20-F [ X ] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
SUBMITTED HEREWITH
Exhibits
Exhibit | Description | |
99.1 | Material Change Report dated November 8, 2023 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PolyMet Mining Corp. | ||
(Registrant) | ||
Date: November 8, 2023 | By: | /s/ Mohit Rungta |
Mohit Rungta | ||
Title: | Chief Financial Officer |
FORM 51-102F3
MATERIAL CHANGE REPORT
1. Name and Address of Company
PolyMet Mining Corp. (the "Company" or "PolyMet") 444 Cedar Street, Suite 2060
St. Paul, MN 55101
2. Date of Material Change
November 7, 2023
3. News Release
On November 7, 2023, the Company issued a news release regarding the material change. The news release was disseminated through the facilities of a recognized newswire service. The news release was subsequently filed on SEDAR+.
4. Summary of Material Change
On November 7, 2023, the Company completed the previously announced statutory plan of arrangement under Part 9, Division 5 of the Business Corporations Act (British Columbia) (the "BCBCA") involving the Company and Glencore AG ("Glencore"). Pursuant to the Arrangement, Glencore acquired the approximately 17.82% of the issued and outstanding common shares of PolyMet ("Common Shares") that Glencore did not already own (the "Arrangement").
5.1 Full Description of Material Change
On November 7, 2023, the Company completed the previously announced Arrangement whereby Glencore acquired the approximately 17.82% of the issued and outstanding Common Shares that Glencore did not already own for US$2.11 in cash per Common Share.
The Arrangement was effected by way of a court-approved plan of arrangement under the BCBCA on November 7, 2023. The consummation of the Arrangement was subject to a number of conditions customary to transactions of this nature, including, among others (i) the approval of at least two-thirds of the votes cast by the Company's shareholders at a special meeting of shareholders of the Company; (ii) the approval of a simple majority of the votes cast by disinterested shareholders at such meeting; and (iii) court approval.
The Company has applied to have the Common Shares delisted from the Toronto Stock Exchange and the NYSE American and has applied to cease to be a reporting issuer under Canadian securities laws.
Prior to the completion of the Arrangement, Glencore held 159,806,774 Common Shares, representing approximately 82.18% of the issued and outstanding Common Shares. Pursuant to the Arrangement, Glencore acquired 34,653,477 Common Shares, representing all of the issued and outstanding Common Shares not already owned by Glencore. Accordingly, following the completion of the Arrangement, the Company became a wholly-owned subsidiary of Glencore.
5.2 Disclosure for Restructuring Transactions
Not applicable
6. Reliance on Subsection 7.1(2) or (3) of National Instrument 51-102
Not Applicable
7. Omitted Information
Not Applicable
8. Executive Officer
Mohit Rungta, Chief Financial Officer
PolyMet Mining Corp.
(651) 389-4100
9. Date of Report
November 8, 2023
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