Shares to be issued in two tranches at 2% premium to market price
By Angela McDaniels
Tacoma, Wash., June 7 - North American Palladium Ltd. said it arranged a C$20 million fully subscribed private placement of flow-through shares.
The company plans to issue the shares in two tranches, in each case at a 2% premium to the average of the five daily volume-weighted average prices of its shares for the five trading days ending on the fourth trading day prior to each tranche's closing date.
The tranches are expected to be completed on June 19 and July 23, respectively, according to a company news release.
The shares will be registered in the United States for resale on the NYSE MKT via a resale shelf prospectus supplement, and resales in Canada will be restricted for four months.
Proceeds will be used for mine expansion expenditures and exploration activities at the Lac des Iles mine and property in Ontario.
The company also closed a $130 million term loan with Brookfield Capital Partners Ltd. and extended its $60 million revolving operating line of credit by an additional year to July 4, 2014.
North American Palladium is a precious metals producer based in Toronto.
| Issuer: | North American Palladium Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$20 million
|
| Price: | 2% premium to market price
|
| Warrants: | No
|
| Pricing date: | June 7
|
| Settlement dates: | June 19 and July 23
|
| Stock symbol: | Toronto: PDL
|
| Stock price: | C$1.17 at close June 6
|
| Market capitalization: | C$196.2 million
|
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