North American Palladium announces Closing of US$75 Million Offering
Friday, December 14th, 2007
North American Palladium Ltd. is pleased to announce that it has closed its public offering of 18,666,667 units at a price of US$4.00 per unit (C$4.04 per unit) for total gross proceeds of approximately US$75 million. Each unit consists of one common share and one half of a common share purchase warrant of North American Palladium. Each whole warrant will entitle the holder to purchase one common share at a price of US$5.05 per share at any time on or prior to December 13, 2009. The proceeds of the offering will be used to fund the growth and development of the Companyâ€™s operations and, in particular, to advance the Offset High Grade Zone Project, the Shebandowan West Project and the Arctic Platinum Project. The net proceeds of the offering may also be used for general corporate purposes.
The lead manager of the underwriting syndicate was Merrill Lynch & Co. Co-managers were BMO Capital Markets, HSBC Securities (Canada) Inc. and UBS Securities Canada Inc. North American Palladium has granted the underwriters an option to purchase up to 2,100,000 additional units prior to January 11, 2008 to cover over-allotments. In addition, assuming the full exercise of the over-allotment option, Kaiser-Francis Oil Company will have the right to purchase an additional 700,000 units at the public offering price.
For further information visit: http://www.napalladium.com/