Palladium One Announces Closing of Oversubscribed Financing Totalling C$4.95 Million
Palladium One Announces Closing of
Oversubscribed Financing Totalling C$4.95
Million
Toronto, Ontario--(Newsfile Corp. - December 23, 2022) -
Palladium One Mining Inc.
(
TSXV: PDM
)
(
OTCQB: NKORF
) (
FSE: 7N11
) (the "
Company
" or "
Palladium One
") is pleased to announce that it
has closed its previously announced private placement financing totaling $4.95 million (the
"Offering"
)
The Offering consisted of: (i) a brokered private placement with aggregate proceeds of $4,200,000 (the
"
Brokered Offering
") and (ii) a non-brokered private placement with aggregate proceeds of $750,000
(the
"Non-Brokered Offering"
).
Under the Brokered Offering, the Company issued 21,000,000 units (the "
FT Units
") at a price of $0.20
per FT Unit. Each FT Unit consists of one common share in the capital of the Company (a "
Common
Share
" and each Common Share comprising a FT Unit, a "
FT Share
") and one-half of one Common
Share purchase warrant (each whole Common Share purchase warrant, a "
FT Warrant
"). Each FT
Share and FT Warrant will qualify as a "flow-through share" as defined in subsection 66(15) of the
Income Tax Act
(Canada). Each FT Warrant entitles the holder thereof to purchase one non flow-through
Common Share (a "
Warrant Share
") at an exercise price of $0.20 for a period of 36 months.
Under the Non-Brokered Offering, the Company issued 5,000,000 units (the "
NB Units"
) at a price of
$0.15 per NB Unit. Each NB Unit consists of one Common Share (each, an
"NB Share"
) and one-half
of one Common Share purchase warrant (each whole common share purchase warrant, an
"NB
Warrant"
), and each NB Share and NB Warrant will qualify as a "flow-through share" as defined in
subsection 66(15) of the
Income Tax Act
(Canada). Each NB Warrant will entitle the holder thereof to
purchase one Warrant Share at an exercise price of $0.20 for a period of 24 months from the date of
issuance thereof.
Palladium One CEO, Derrick Weyrauch, commented: "We are thrilled to complete this financing which
positions the Company for a very active start to 2023 at our Green Transportation copper-nickel-PGE
properties. Although the global financing markets have been challenging, we increased our initial
Brokered Offering from $3.0 million to a successful $4.2 million raise. We are thankful for our existing
shareholders and welcome our new shareholders through this financing."
The Brokered Offering was completed through a syndicate of agents led by Echelon Capital Markets
with Sprott Capital Partners LP and Research Capital Corporation (collectively, the "
Agents
"). As
compensation, the Agents received a cash fee in an amount equal to 6% of the gross proceeds from the
Brokered Offering. Additionally, the Agents received non-transferable broker warrants (
"Broker
Warrants"
) equal to 6.0% of the aggregate number of FT Units sold under the Brokered Offering. Each
Broker Warrant entitles the holder to acquire one Common Share and one-half of one Common Share
purchase warrant (each whole Common Share purchase warrant, a "
Broker Unit Warrant
") at an
exercise price of $0.14 for a period of 24 months. Each Broker Unit Warrant entitles the holder to
acquire one Warrant Share at an exercise price of $0.20 for a period of 36 months.
No fees were paid with respect to the Non-Brokered Offering.
The gross proceeds from the Brokered Offering and Non-Brokered Offering are intended to be used to
advance the Company's Ontario based, mineral exploration properties.
The Brokered Offering was completed pursuant to the listed issuer financing exemption available in Part
5A.2 National Instrument 45-106 – Prospectus Exemptions ("
NI 45-106
") and the securities issued
thereunder will not be subject to any statutory hold periods. The securities issued pursuant to the Non-
Brokered Offering will be subject to a statutory hold period lasting four months and one day following the
closing. The Offering is subject to final acceptance of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in
the United States. The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such registration is available. This news
release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States or to, or
for the account or benefit of, persons in the United States or U.S. Persons nor shall there by any sale of
the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Palladium One
Palladium One Mining Inc. (TSXV: PDM) is focused on discovering environmentally and socially
conscious
Metals for Green Transportation
. A Canadian mineral exploration and development
company, Palladium One is targeting district scale, platinum-group-element (PGE)-copper-nickel
deposits in Canada and Finland. The Läntinen Koillismaa (LK) Project in north-central Finland, is a
PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and
Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively.
Follow Palladium One on
,
, and at
www.palladiumoneinc.com
.
ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email:
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION,
DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN
OR INTO THE UNITED STATES.
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Information set forth in this press release may contain forward-looking statements. Forward-looking
statements are statements that relate to future, not past events. In this context, forward-looking
statements often address a company's expected future business and financial performance, and often
contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements
that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar
expressions. These forward-looking statements include, but are not limited to: the satisfaction and
timing of the receipt of required stock exchange approvals and the intended use of the proceeds of
the Offering. By their nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results, performance or achievements, or
other future events, to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include, among others, risks
associated with project development; the need for additional financing; operational risks associated
with mining and mineral processing; fluctuations in palladium and other commodity prices; title
matters; environmental liability claims and insurance; reliance on key personnel; the absence of
dividends; competition; dilution; the volatility of our common share price and volume; and tax
consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that statements are made, and the
Company undertakes no obligation to update forward-looking statements if these beliefs, estimates
and opinions or other circumstances should change. Investors are cautioned against attributing
undue certainty to forward-looking statements.
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