North American Palladium Ltd. (fka PALDF)

[C C]

Yes that is what the year end Q-4 for 2014 reported about the debs. and that is why the pps dropped so far down
the current price per share takes into account all of the debs/warrants issued in 2014
but
there are debs/warrants setting on the side lines that have not been used to pay for future expansion which is why we are at these low prices

There were about 16.8 million warrants issued and by October 2014, holders of the remaining 12,000 of the Company’s palladium warrants exercised their warrants and the Company paid approximately $1.1 million in cash. As of February 18, 2015, no palladium warrants remained outstanding.
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In the first quarter of 2014, the Company closed an aggregate of $32.0 million gross principal amount of convertible
unsecured subordinated debentures (the “Tranche 1 Debentures”)


In the second quarter of 2014, the Company closed $35.0 million gross principal amount of convertible unsecured subordinated debentures (the “Tranche 2 Debentures”)

making a total of $67 million debentures

As at February 18, 2015, $66.0 million of the Tranche 1 Debentures and the Tranche 2 Debentures had been converted
resulting in the issuance of a total of 188.5 million common shares pursuant to the conversion and make whole provisions
of the convertible debentures.
From above calculation there are about $ 1 million of Tranche 1 & Tranche2 debs still out there which calclulates into more shares than 1 million shares because of the way they calculate debs.

So we have an amount of debs setting on the side lines to use for minnning expansion.
some of the debs/warrants are due in April of 2014 and some are due in 2019

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What I find interesting is they will make enough money off the milling of the mine to pay operating costs for 2015

The Company expects cash flows from operations to be sufficient to support the Company’s normal operating requirements, including capital expenditures and debt service payments, for the next 12 months

information came from the Dec. Q-4 report of 2014


cc