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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer
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To: Elizabeth Andrews who wrote (745)11/8/2000 12:05:52 PM
From: russet  Read Replies (1) of 976
 
Hi Lizzy,

You're right of course,...current f/s are for period ending Sep 30, and a huge restructuring occurred on Oct 13.

Are you still holding, or does that share dilution worry you?

Balance sheet restructured and strengthened
On Oct. 13, 2000, the company successfully completed a comprehensive
capital restructuring that has substantially reduced debt and eliminated
the preferred shares and accrued dividends. The $220-million public equity
issue will finance the balance of the mine expansion capital and allow the
company to repay in full the notes and interest due to its major
shareholder, Kaiser-Francis Oil Company. Coincident with the public equity
issue, the outstanding preferred shares and accumulated arrears dividends
were converted to common shares. In addition, the company had earlier
arranged a six-year $90-million (U.S.) project loan facility with a
syndicate of three Canadian banks for the purposes of partially financing
the expansion project. Following the public equity issue and balance sheet
restructuring there were 48,256,568 common shares outstanding, a
$90-million (U.S.) project loan facility and significant cash flow from the
existing smaller scale operation to finance the expansion project and the
required working capital buildup.
New U.S. exchange listing
The company was approved to list its common shares on the American Stock
Exchange under the symbol PAL with the successful completion of its public
equity offering. Trading on AMEX commenced on Oct. 13, 2000.
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