Monday, June 10, 2013

North American Palladium - PDL.t

North American Palladium - PDL.t goal is to become a low cost, mid-tier precious metals company operating in mining friendly jurisdictions. NAP is an established precious metals producer that has been operating its flagship Lac des Iles mine (LDI) located in Ontario, Canada since 1993.

On June 7, 2013 the company released News

North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(NYSE MKT:PAL) announces financings to fund the Company's ongoing expansion of its Lac des Iles ("LDI") mine in Ontario.

* Closing of a US$130 million senior secured term loan from Brookfield Capital Partners Ltd. ("Brookfield"), the private equity group of Brookfield Asset Management Inc.;
* Payment and satisfaction of the existing $72 million senior secured notes due October 4, 2014;
* Fully subscribed private placement of approximately $20 million in flow-through shares at a 2% premium to the relevant market price; and
* Extension of the existing operating credit facility until July 4, 2014.

"We expect that these financings will enable us to complete the first phase of our LDI mine expansion and establish our operations for improved financial performance in 2013 and beyond," said Dave Langille, NAP's Chief Financial Officer.

Mr. Phil du Toit, NAP's Chief Executive Officer, added: "We look forward to the completion of Phase I of the shaft expansion and the benefits it will have. Our ongoing review of our strategic mine planning has identified potential alternatives that may allow us to defer Phase II capital spending without compromising production growth."