Tuesday November 14, 5:11 pm Eastern Time
Press Release
SOURCE: North American Palladium Ltd.
Underwriters Exercise Over-Allotment Option for North American Palladium Shares
Website: www.napalladium.com
Trading Symbol TSE - PDL AMEX - PAL
TORONTO, Nov. 14 /PRNewswire/ - (TSE-PDL; AMEX-PAL) North American Palladium Ltd. today issued 1,610,840 common shares at a price of C$9.50 per share, pursuant to an over-allotment option granted to the underwriters syndicate in connection with the company's C$220 million equity financing.
As previously announced, the company issued 23,157,895 common shares at a price of $9.50 per share for gross proceeds of C$220 million. The offering was made in each of the provinces of Canada and in the United States under the provisions of the Multi-Jurisdictional Disclosure System. The underwriters syndicate is led by BMO Nesbitt Burns Inc. and co-managed by RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc. and National Bank Financial Inc.
There are 49,919,243 common shares of the company currently outstanding.
North American Palladium's Lac des Iles Mine is Canada's only primary producer of platinum group metals and is one of the largest open pit bulk mineable palladium reserves in the world. Palladium use in the auto industry has increased rapidly in recent years and future demand prospects are robust and supported by more stringent hydrocarbon emissions standards for cars, particularly in the United States and Europe.
SOURCE: North American Palladium Ltd.
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50 mil common shares outstanding now (and of course the preferred was retired with the secondary offering funds). Sale of over allotment raised an additional Can $15 mil, US $10 mil.
"the greenshoe falleth."
Still love this companies prospects, and being cash flush never hurts. A few more shares out than I like ot see, but the price of Pd remains stable on the high end.
Sleeper |
