TORONTO – North American Palladium (NAP), owner and operator of the Lac des Iles palladium mine in northern Ontario, has announced a public offering of securities that could bring in as much as $75 million.
The offering is to be conducted in two tranches. The first tranche will raise $30 million with the issuance of five-year, 7.5% convertible unsecured subordinated debentures. The second tranche will raise between $20 million and $45 million through the issuance of additional five-year, 7.5% debentures and share purchase warrants.
NAP also announced it has secured a non-binding commitment for the purchase of $40 million of the offered securities by a subsidiary of US-based Crede Capital Group.
Proceeds from the offering will be used for general corporate purposes.
More information is available at NAP.com.