North American Palladium Grosses C$43 Million In Offering

North American Palladium Ltd. (TSX:PDL,NYSE:PAL) announced the completion of the offering of  43,000 convertible unsecured subordinated debentures for total gross proceeds of C$43 million.

As quoted in the press release:

The net proceeds from the Offering will be used for the Company’s mine expansion expenditures at its Lac des Iles palladium mine and for general corporate purposes.

The Debentures will mature on September 30, 2017 (the “Maturity Date”), unless redeemed earlier, and will bear interest, calculated and payable semi-annually in arrears on March 31 and September 30 of each year, at a rate of 6.15% per year. The Debentures will be convertible at the holder’s option into common shares (“Common Shares”) of the Company at any time prior to the close of business on the earlier of: (i) the business day immediately preceding the Maturity Date, (ii) the business day immediately preceding the date fixed for redemption of the Debentures, and (iii) if being repurchased on a “change of control”, on the business day immediately preceding the payment date, at a conversion price of C$2.90 per Common Share (the “Conversion Price”).

Click here to read the North American Palladium Ltd. (TSX:PDL) press release.