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NAP cashes up LDI

North American Palladium announced June 19 that it has closed the first $10-million tranche of a private placement of flow-through shares for exploration work at its Lac des Iles mine near Thunder Bay .

North American Palladium announced June 19 that it has closed the first $10-million tranche of a private placement of flow-through shares for exploration work at its Lac des Iles mine near Thunder Bay.

A second $10 -million tranche is expected to close July 23.

In a June 19 release, the Toronto-based miner said the proceeds will be used mine expansion expenditures and exploration activities at the mine and its property in northwestern Ontario.

NAP has been operating its flagship Lac des Iles mine since 1993. LDI is one of only two primary producers of palladium in the world, and is undergoing a major expansion to increase production and reduce cash costs per ounce.