PolyMet sets record straight

The article on PolyMet Mining in your July 24-30 issue contains an error regarding the private placements of North Ltd.

The article states that “the first tranche of the private placement consists of $500,000 units priced at $1 each.” Both figures are incorrect. The units are actually priced at C$1, not US$1 as stated in the article. This, in turn, netted 739,000 units (after taking the exchange rate into account), not 500,000, as stated in the article. PolyMet received US$500,000 from North. As of the date of the joint-venture agreement, North actually holds 739,000 shares of PolyMet and 739,000 warrants. After the second tranche of US$1.7 million, North will gain an additional 2,512,600 shares and 2,512,600 warrants.

Faun Hauptman

Director of Investor Relations

PolyMet Mining

Golden, Colo.