North American Palladium Completes
C$35 Million Flow-Through Financing
North American Palladium Ltd.
("NAP" or the "Company") (TSX:PDL) (NYSE Amex:PAL) today announced the completion of its previously
announced flow-through financing through which the Company sold 11,300,000
flow-through shares (the "Flow-Through Shares") on a guaranteed basis
at a price of C$3.10 per Flow-Through Share (the
"Offering") for total gross proceeds of $35,030,000.
The syndicate of underwriters was co-led by Scotia Capital Inc. and RBC
Capital Markets, and included Cormark
Securities Inc., Raymond James Ltd., Macquarie Capital
Markets Canada Ltd., Credit Suisse Securities (Canada), Inc., GMP
Securities L.P., Haywood Securities Inc. and Octagon
The Company intends to use
the proceeds from the Offering for eligible exploration activities and mine
expansion expenditures at its Lac des Iles palladium mine and property in Ontario
that constitute "Canadian exploration expense" as defined in the
Income Tax Act (Canada).
The Flow-Through Shares
have not been registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the
United States. This press release does not constitute an offer to
sell the Flow-Through Shares in the
NAP is an established
precious metals producer that has been operating its flagship Lac des Iles mine
(LDI) 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. NAP also operates the Vezza
gold mine located in the Abitibi region of Quebec.
The Company's shares trade on the NYSE Amex under the symbol PAL and on the TSX
under the symbol PDL.
Certain information in this
news release relating to North
American Palladium Ltd. is forward looking and related to anticipated
events and strategies. When used in this context, words such as
"will", "anticipate", "believe",
"plan", "intend", "target" and "expect"
or similar words suggest future outcomes. By their nature, such statements are
subject to significant risks and uncertainties, which include, but are not
limited to, regulatory and government decisions, economic conditions, and
availability and cost of financing.
Readers are cautioned not
to place undue reliance on forward-looking statements as actual results could
differ materially from the plans, expectations, estimates or intentions
expressed in the forward-looking statements. Except as required by law, North
American Palladium Ltd. disclaims any intention and assumes no obligation
to update any forward-looking statement even if new information becomes
available, as a result of future events or for any other reason.