Press release from Marketwire
North American Palladium Completes C$4 Million Private Placement of Flow-Through Shares
Friday, November 30, 2012
TORONTO, ONTARIO--(Marketwire - Nov. 30, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(NYSE MKT:PAL) today announced the completion of its previously announced flow-through financing pursuant to which the Company sold 2,425,000 flow-through shares (the "Flow-Through Shares") of NAP on a bought deal private placement basis through RBC Capital Markets, at a price of C$1.65 per Flow-Through Share (the "Offering"), for total proceeds of C$4,001,250.
The proceeds from the Offering will be used to incur "Canadian exploration expenses" as defined in the Income Tax Act (Canada) (the "Act") which will constitute "flow-through mining expenditures" as defined in the Act. The proceeds will enable the Company to pursue a surface exploration program at the Lac des Iles mine property and the other greenfields exploration properties in Ontario during the fourth quarter.
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 United States. All shares issued pursuant to the Offering will be subject to a statutory four-month hold period.
About North American Palladium
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 MKT under the symbol PAL and on the TSX under the symbol PDL.
Certain information in this news release relating to North American Palladium Ltd., including the use of proceeds, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Neither the TSX nor the NYSE MKT accepts responsibility for the adequacy or accuracy of this release.Contact Information:
North American Palladium Ltd.
Director, Investor Relations and Corporate Communications