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Palladium miner raises money to go deep

North American Palladium has raised $100 million financing for digging deeper into its Lac des Iles mine in northwestern Ontario.
Northern Ontario Business Staff

North American Palladium has raised $100 million financing for digging deeper into its Lac des Iles mine in northwestern Ontario.

In an April 28 news release, the company said most of the proceeds from the offering are intended for the development of the Offset Zone at the Lac des Iles palladium mine, north of Thunder Bay.
Some may be earmarked for other capital expenditures including exploration and development at Lac des Iles and its Sleeping Giant gold mine in Quebec, for working capital requirements and for other purposes which may include future acquisitions.
The cross-border bought deal public offering of 20,000,000 units at a price of $5 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. The warrants are listed on the TSX under the symbol PDL.WT.B.