Palladium One Announces Planned Closing Date for $3.8 Million Over-Subscribed Non-Brokered Private Placement Closing Date
Palladium One Announces Planned Closing Date for $3.8
Million Over-Subscribed Non-Brokered Private Placement
Closing Date
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2019) -
Palladium One Mining Inc.
(
TSXV: PDM
)
(
FSE: 7N11
)
(the "
Company
" or "
Palladium One
") is pleased to announce that it plans to close its previously announced over-subscribed
C$3.8 million non-brokered private placement (the "
Private Placement
") (see press release dated November 6, 2019) on or
about November 29, 2019.
As previously announced, each Unit will consist of one common share in the capital of the Company (a "
Common
Share
") and
one-half of one non-transferable
common share purchase warrant (each whole common share purchase warrant, a "
Warrant
").
Each Warrant would be exercisable for 24 months to purchase an additional Common Share (a "
Warrant Share
") at an
exercise price of $0.10 per Warrant Share for a period of 12 months from the closing date of the Private Placement (the
"
Closing Date
") and $0.20 thereafter, subject to acceleration. In the event a Warrant were exercised within 12 months of the
Closing Date, the holder thereof would be granted one Warrant Share and one-half of one Common Share purchase warrant
(each whole Common Share purchase warrant, an "
Incentive Warrant
"). Each Incentive Warrant would entitle the holder thereof
to purchase one Common Share
("
Incentive Warrant Share
") for each Incentive Warrant held for a period of 24 months
following the date of issuance of the Incentive Warrant at a price of $0.25 per Incentive Warrant Share, subject to capital
adjustment and acceleration.
Amendment to Terms of Private Placement
Units of the Company will continue to be at a subscription price of C$0.06 per Unit, but each Unit will now consist of one
Common Share, one-half of one Warrant, and one-quarter of one Common Share purchase warrant (each whole Common
Share purchase warrant, a "
Bonus Warrant
"). Each Warrant will continue to be exercisable and subject to acceleration as
previously disclosed. Each Bonus Warrant will be exercisable for a period of 12 months following the Closing Date ("
Bonus
Warrant Expiry Date
") to purchase one Common Share (a "
Bonus Warrant Share
") at a price of C$0.15 per Bonus Warrant
Share, subject to capital adjustment and acceleration.
In the event the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange or such other
stock exchange where the majority of the trading volume occurs, exceeds or is equal to C$0.25 per Common Share for a period
of ten consecutive trading days at any point following the Closing Date, but prior to the Bonus Warrant Expiry Date, the Company
may, at its option, accelerate the Bonus Warrant Expiry Date, provided that: (i) the Company disseminates a press release
providing notice of its intention to accelerate the Bonus Warrant Expiry Date; and (ii) the accelerated Bonus Warrant Expiry Date
falls on or after the 30
th
trading day after the date of dissemination of such press release, unless exercised by the holder prior to
such date.
The Incentive Warrants and Incentive Warrant Shares will no longer be offered under the Private Placement. All other terms of the
Private Placement remain unchanged.
About Palladium One:
Palladium One Mining Inc. is a PGE, nickel, copper exploration and development company. Its assets consist of the
palladium dominant, Läntinen Koillismaa ("LK") PGE-Cu-Ni project, located in north-central Finland and the Tyko Ni-Cu-
PGE property, near Marathon, Ontario, Canada.
The LK Project:
The Kaukua deposit of the LK project hosts
635,600 Pd_Eq ounces
of Indicated
Resources grading
1.80
g/t Pd_Eq*
("palladium equivalent") contained in 11 million tonnes (@ 0.81g/t Pd, 0.27g/t Pt, 0.09g/t Au, (1.17g/t PGE),
0.15% Cu & 0.09% Ni), and
525,800 Pd_Eq ounces of Inferred
Resources grading
1.50 g/t Pd_Eq
contained in 11 million
tonnes (@ 0.64g/t Pd, 0.20g/t Pt, 0.08g/t Au (0.92g/t PGE), 0.13% Cu, & 0.08% Ni), (see press release September 9, 2019).
Kaukua is open for expansion, while the Kaukua South, Murtolampi and Haukiaho mineralized zones require systematic
exploration via diamond drilling to follow up mineralized drill intercepts.
*Pd_Eq is calculated using the following metal prices (in USD) of $1,100/oz for Pd, $950/oz for Pt, $1,300/oz for Au, $6,614/t for Cu and $15,432/t for Ni.
The Tyko Project, Ontario, Canada:
The Tyko Ni-Cu-PGE project, is an early stage, high sulphide tenor, nickel focused
project with recent drill hole intercepts returning up to
1.06 Ni over 6.22 m including 4.71% Ni over 0.87m
in hole TK-16-010
(see press release dated June 8, 2016).
Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo, Vice President of
Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD:
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email:
Phone:
1-778-327-5799
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.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The
common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933,
as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from
registration.
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. 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 gold and other commodity prices; title
matters; 6 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 U.S. Shareholders.
This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the
Company to close the Offering, if at all and the timing and ability of the Company to satisfy the listing conditions of the TSX
Venture Exchange. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/49998