NAP Amends Conversion Price
THUNDER BAY – Business – North American Palladium Ltd. (TSX:PDL)(NYSE MKT:PAL) announced today that it has amended the conversion price of its previously announced proposed public offering of up to $32 million principal amount of 7.5% convertible unsecured subordinated debentures and associated warrants (the “Offering”).
The conversion price was amended to reflect the volume weighted average price (“VWAP”) of the Common Shares on the Toronto Stock Exchange on January 29, 2014. The initial conversion price of the first tranche debentures will be C$0.635 and the initial exercise price of the first tranche warrants will be C$0.762 (the exercise of which remains subject to disinterested shareholder approval).
A second amended term sheet and prospectus supplement is expected to be filed with the securities regulatory authorities today. The first tranche is now anticipated to close on or around January 31, 2014.
The Company has filed a final base shelf prospectus and a final prospectus supplement with the securities regulatory authorities dated January 30, 2014 with a syndicate led by Edgecrest Capital Corporation and with Canaccord Genuity Corp. in Canada and a prospectus supplement and registration statement (including a base prospectus) and a final prospectus supplement with the U.S. Securities and Exchange Commission (“SEC”) for the Offering. The offering in Canada will be made only by the base shelf prospectus and the amended final prospectus supplement.
Before you invest, you should read the base shelf prospectus, the registration statement and the amended final prospectus supplement and other documents the Company has filed with the securities regulatory authorities in Canada and the SEC for more complete information about the Company and this Offering. You may get these documents for free by visiting SEDAR at www.sedar.com or EDGAR at www.sec.gov. Alternatively, the lead agent (Edgecrest Capital Corporation) can arrange to send you the Offering documents if you so request by calling toll-free 1 (877) 257-7366 at 70 York Street, Suite 1500, Toronto, Ontario, M5J 1S9.
