North American Palladium is withdrawing $50 million in financing from a private placement saying the final terms proposed by Casimir Capital L.P. “were not satisfactory.”
Company president William Biggar says NAP remains a strong financial position with $60 million in the bank and no long-term debt. The company expects more cash flow once the Sleeping Giant gold mine in Quebec is restarted in the fourth quarter.
“Although we have the ability to raise additional funds to support our growth initiatives, we will be disciplined and only execute on terms that are attractive to the company,” said Biggar in a Sept. 2 statement.
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