Having repaid the $20 million bridge loan (including accrued interest) advanced by Glencore on April 11, 2013 and paid the standby fee of approximately $1.1 million to Glencore, PolyMet now has approximately $51 million in cash. The primary use of funds will be:
• Complete environmental review and permitting - $17 million
• Maintain existing infrastructure - $5 million
• Engineering prior to start of project construction - $10 million
• Long lead time equipment - $10 million
• General corporate purposes - $9 million
I think you better read that again little man. Nothing in there for construction. Nothing in there for equipment. Long lead equipment at 10 million doesn't even buy one truck little man. Expect major dilution in the future.