Canadian Palladium Announces Agreement to Acquire Mineral Properties in East Brazilian 'Lithium Belt '
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FOR IMMEDIATE RELEASE
CANADIAN PALLADIUM ANNOUNCES AGREEMENT TO ACQUIRE MINERAL PROPERTIES IN
EAST BRAZILIAN 'LITHIUM BELT '
Vancouver, British Columbia, November 9, 2023 – Canadian Palladium Resources Inc. (the “Company”)
(CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) is pleased to announce that it has entered into a share purchase
agreement to acquire (“Transaction”) all of the issued and outstanding shares of 1439266 BC Ltd. (“143
BC”), the legal and beneficial owner of a 100% interest in 15 mineral tenements totalling 24,427.28
hectares (“Property”) located in 'Lithium Valley' in Minas Gerais State, Brazil.
The Property is located in the East Brazilian 'Lithium Belt', sometimes called, Lithium Valley, which is home
to three operating lithium mines including Sigma Lithium’s (TSXV: SGML) Groto do Cirilo mine and
numerous advanced exploration projects such as Atlas Lithium’s (NASDAQ: ATLX) Neves project.
James Newall, the Chief Executive Officer of Canadian Palladium stated, “The acquisition of over 24,000
hectares of prospective licences in the East Brazilian 'Lithium Belt' is an exciting prospect for the Company.
It fits well with our strategy of developing exploration projects with a range of metals and minerals that
are crucial for the current move towards electrification. In addition it provides us with the ability to explore
year round ensuring a steady flow of news and updates for our shareholders.”
Pursuant to the Transaction, the shareholders of 143 BC would receive an aggregate of 12,000,000
common shares of the Company and cash payments totalling $300,000, $100,000 of which is to be paid
on completion of the Transaction and a further $200,000 of which is to be paid within three (3) months
from the closing date thereof. The completion of the Transaction is subject to a number of customary
terms and conditions.
Concurrently with the Transaction, the Company intends to complete the first tranche of a non-brokered
private placement of up to 2,857,143 units (each, a “Unit”) of the Company (“Concurrent Financing”) at
a price of $0.35 per Unit for gross proceeds of up to $1,000,000. Each Unit will consist of one common
share of the Company and one-half of one common share purchase warrant (each whole warrant, a
“Warrant”), with each Warrant being exercisable at a price of $0.45 for a period of 24 months. The
Company intends to use a portion of the net proceeds of the Concurrent Financing to fund the cash
payments payable under the Transaction.
Following the completion of the Transaction, the Company intends to complete a second tranche of the
Concurrent Financing, intending to issue up to 8,571,429 Units at a price of $0.35 for intended gross
proceeds of up to $3,000,000 (“Second Tranche Financing”). Pursuant to Canadian Securities Exchange
requirements, the completion of the Second Tranche will be subject to receipt of shareholder approval.
The Company intends to obtain shareholder approval at its Annual General and Special Meeting to be held
on December 8, 2023, to issue a such number of common shares greater than 100% of the current issued
and outstanding.
The Company intends to utilize the net proceeds from the Second Tranche Financing to explore the
Property, conduct a drilling campaign at the Company’s Tisova/Klinenthal copper/cobalt exploration
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project, commission a Preliminary Economic Assessment for the Company’s East Bull palladium project,
and for general working capital requirements. The selection and analysis of the drill targets (and results)
for the Company’s Tisova/Klingenthal project will be carried out in in conjunction with the EU funded,
Exploration Information Systems Project. (For further information, see the Company’s Press Release dated
February 17, 2022.)
All securities issued in connection with the Concurrent Financing and Second Tranche Financing will be
subject to a four month hold period from the date of issue.
On behalf of the Board of Directors
Canadian Palladium Resources Inc.
James Newall, President and CEO
T: (604) 639-4472
Forward Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain
events or conditions "may" or "will" occur. In particular, forward-looking information in this press release
includes, but is not limited to, statements with respect to the proposed timing and compl etion of the
Transaction, Concurrent Financing, and Second Tranche Financing, if they are to complete at all, and the
proposed use of proceeds from the Concurrent Financing and Second Tranche Financing; and obtaining
shareholder approval and the timing thereof. Although we believe that the expectations reflected in the
forward-looking information are reasonable, there can be no assurance that such expectations will prove
to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is
no representation that the actual results achieved will be the same, in whole or in part, as those set out
in the forward-looking information. Forward-looking information is based on the opinions and estimates
of management at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to differ materially from those
anticipated in the forward-looking information. Some of the risks and other factors that could cause the
results to differ materially from those expressed in the forward-looking information include, but are not
limited to: general economic conditions in Canada and globally; industry conditions, including
governmental regulation and environmental regulation; failure to obtain industry partner and other third
party consents and approvals, if and when required; the availability of capital on acceptable terms; the
need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent
in water disposal facility operations; competition for, among other things, skilled personnel and supplies;
incorrect assessments of the value of acquisitions; geological, technical, processing and transportation
problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of
acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors
should not be construed as exhaustive. The forward-looking information contained in this news release is
expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-
looking information to conform such information to actual results or to changes in our expectations except
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as otherwise required by applicable securities legislation. Readers are cautioned not to place undue
reliance on forward-looking information.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility
for the adequacy or accuracy of this release.