The Prospector News

North American Palladium Announces Closing of First $10-Million Tranche of Private Placement of Flow-Through Shares

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

North American Palladium Announces Closing of First $10-Million Tranche of Private Placement of Flow-Through Shares

 

 

 

 

 

All figures are in Canadian dollars except where noted.
 

North American Palladium Ltd. (TSX:PDL)(NYSE MKT:PAL) announced today that it has closed the first $10 million tranche of its previously announced fully subscribed private placement of flow-through shares for aggregate gross proceeds to the Company of approximately $20 million.
 

The first tranche included the issuance of 8,668,009 flow-through shares at a price of $1.155 per share, representing a 2% premium to the relevant market price. The market price was defined as the simple average of the five daily VWAPs on the TSX for the five trading day period between June 10, 2013 and June 14, 2013.
 

The second $10 million tranche is also expected to include a 2% premium to the relevant market price (defined as the simple average of the five daily VWAPS on the TSX between July 12, 2013 and July 18, 2013) and is expected to close on or about July 23, 2013.
 

100% of the gross proceeds from the private placement will be used for eligible mine expansion expenditures and exploration activities at the LDI mine and property in Ontario that constitute “Canadian exploration expense” as defined in the Income Tax Act (Canada).
 

The shares will be registered in the United States for resale on the NYSE MKT via a resale prospectus supplement to the Company’s shelf registration statement on Form F-10. Resales in Canada will be restricted for four months. Not more than a total of 9.99% of the total issued and outstanding shares will be issued pursuant to the first and second tranches collectively.
 

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which the offer, solicitation or sale would be unlawful. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement, the base shelf prospectus or the shelf registration statement. The second tranche of the offering is subject to the approval of the TSX and the NYSE MKT.
 

About North American Palladium
 

NAP is an established precious metals producer that has been operating its flagship Lac des Iles mine  located in Ontario, Canada since 1993. LDI is one of only two primary producers of palladium in the world, and is currently undergoing a major expansion to increase production and reduce cash costs per ounce.

Posted June 19, 2013

Share this news article

MORE or "UNCATEGORIZED"


Talisker Intersects 995 g/t Gold Over 0.5 Metres within 227.55 g/t Gold Over 2.25 Metres at the Bralorne Gold Project

Talisker Resources Ltd. (TSX: TSK) (OTCQX: TSKFF) is pleased to a... READ MORE

November 26, 2020

Copper Mountain Closes C$17.25 Million Bought Deal Offering of Common Shares

Copper Mountain Mining Corporation (TSX: CMMC) (ASX: C6C) i... READ MORE

November 26, 2020

Surge Copper Drills 0.72% Copper Equivalent Over 176.1 Metres At Ootsa Including 0.89% Copper Equivalent Over 126 Metres

Surge Copper Corp. (TSX-V: SURG), is pleased to announce assay re... READ MORE

November 26, 2020

Kirkland Lake Gold Announces Sale of Novo Shares and Warrants

Kirkland Lake Gold Ltd. (TSX:KL) (NYSE:KL) (ASX:KLA) announced it... READ MORE

November 26, 2020

Newcore Gold Intersects 1.38 g/t Gold Over 45.0 Metres, Including 6.25 g/t Gold Over 6.0 Metres, at the Enchi Gold Project, Ghana

First Results from the Nyam Gold Deposit at Enchi; Second Drill R... READ MORE

November 26, 2020

Copyright 2020 The Prospector News - Site design by Spyderbaby Productions