PAL- North American Palladium Provides Update on Second Tranche Offering
All figures are in Canadian dollars except where noted.
TORONTO, ONTARIO--(Marketwired - Apr 8, 2014) - North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL) (NYSEMKT:PAL) is pleased to provide an update on the proposed second tranche of its previously announced public offering (the "Offering") of 7.5% convertible unsecured subordinated debentures, including an amendment to the terms and expected closing schedule.
The Company has amended the terms of its previously announced proposed Offering. The amendments include, among other things, a change in the formula used to calculate the conversion price to a 3-day volume weighted average price ("VWAP") of the Common Shares on the Toronto Stock Exchange. The conversion price of the second tranche debentures will be C$0.4629 per share and the exercise price of the second tranche warrants will be C$0.5786 per share (both of which are subject to adjustment under certain circumstances); and acceleration of the anticipated closing date to on or around April 10, 2014.
The net proceeds from the Offering are expected to be used for expenditures at the Company's Lac des Iles mine, exploration, mining equipment and for other general corporate purposes.
The Company has filed a final base shelf prospectus, a final prospectus supplement and an amended term sheet with the securities regulatory authorities dated April 8, 2014 with a syndicate led by Edgecrest Capital Corporation and with Canaccord Genuity Corp. in Canada and a registration statement (including a base prospectus) and a final prospectus supplement with the U.S. Securities and Exchange Commission ("SEC") for the Offering. The Offering in Canada will be made only by the base shelf prospectus and the final prospectus supplement.
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