TORONTO – Eight days after it announced a $75-million cross-border bought-deal financing, North American Palladium said the offering was oversubscribed and now worth $100 million. Proceeds of the offering are intended primarily for development of the Offset zone at the Lac des Iles palladium mine in northern Ontario.
The Offset underground has indicated resources of 12.3 million tonnes grading 8.28 g/t PdEq. The inferred resources totals 4.6 million tonnes at 9.0 g/t PdEq. The zone was discovered by the company’s exploration team in 2001.
The offering consisted of 20 million units at a price of $5.00 per unit. Each unit consists of one common share and one-half of a share purchase warrant. Each warrant entitles the holder to acquire an additional common share at a price of $6.50 prior to the end of October 2011.
Maps and geological models of the Offset zone are posted at www.NAPalladium.com.