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North American Palladium raises $50 million for potential mine restart

North American Palladium has closed its $50 million bought deal unit offering for mineral exploration and development in northwestern Ontario. The public offering of 16,000,000 units at a price of $3.15 per unit closed Sept. 30.
Northern Ontario Business Staff

 
North American Palladium has closed its $50 million bought deal unit offering for mineral exploration and development in northwestern Ontario.

The public offering of 16,000,000 units at a price of $3.15 per unit closed Sept. 30. The company intends to use the net proceeds of the sale at its Lac des Iles property and its Sleeping Giant gold mine in the Abitibi region of Quebec. The money is earmarked for capital spending and working requirements for a potential restart of the mothballed Lac des Iles palladium mine, as well as for general corporate purposes.

The mine was temporarily shutdown in October 2008 after 15 years of production. Prior the shutdown, the mine annually produced 270,000 ounces of palladium, 20,000 ounces of platinum and 20,000 ounces of gold.