ONTARIO – North American Palladium (NAP) of Toronto has raised $35 million through the sale of 11.3 million flow-through shares. Each share was priced at $3.10. The proceeds of the offering will be used for eligible exploration activities and expansion at the company’s Lac des Iles palladium mine.
The Lac des Iles mine, 85 km northwest of Thunder Bay, is one of only two primary palladium mines in the world, and it is the only one with a deposit suitable for bulk mining. (See CMJ, February 2012.) The property has tremendous exploration potential, and the existing mineral processing plant has about 10,000 t/d of unused capacity.
Please visit NAP.com to learn more about the expansion plans at the mine and the new exploration targets.