Palladium One Closes $15 Million Bought Deal Financing
Palladium One Closes $15 Million Bought Deal
Financing
Toronto, Ontario--(Newsfile Corp. - February 24, 2021) -
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 bought deal financing of $15,009,000 of securities of the Company
(the "
Offering
"). The Offering was underwritten on a "bought deal" basis by a syndicate of underwriters
led by Sprott Capital Partners LP, and including Mackie Research Capital Corporation (collectively, the
"
Underwriters
").
The Offering consisted of (i) the prospectus offering of 43,100,000 units of the Company ("
Units
") at a
price of $0.29 per Unit (the "
Issue Price
") for gross proceeds of $12,499,000; (ii) the brokered private
placement of 1,500,000 units of the Company issued on a flow-through basis (the "
FT Units
") at a price
of $0.34 per FT Unit for gross proceeds of $510,000, and (iii) the brokered private placement of
5,000,000 units of the Company issued on a charity flow-through basis (the "
Charity FT Units
") at a
price of $0.40 per Charity FT Unit for gross proceeds of $2,000,000. Each Unit consists of one common
share of the Company (a "
Common Share
") and one-half of one common share purchase warrant
(each whole warrant, a "
Warrant
"). Each FT Unit and Charity FT Unit consists of one Common Share
and one-half of one Warrant, each issued on a "flow through" basis under the
Income Tax Act
(Canada).
Each Warrant will entitle the holder thereof to purchase one non flow-through Common Share at an
exercise price of $0.45 any time prior to February 24, 2023.
In connection with the Offering, the Underwriters received a cash fee in an amount equal to 6% of the
gross proceeds from the Offering. Additionally, the Company issued to the Underwriters broker warrants
exercisable at any time prior to February 24, 2023 to acquire that number of Common Shares which is
equal to 6.0% of the aggregate number of Units, FT Units, and Charity FT Units sold under the Offering at
an exercise price equal to the Issue Price.
The FT Units and Charity FT Units will be subject to applicable hold periods. The Offering is subject to
final acceptance of the TSX Venture Exchange ("
TSXV
"). The TSXV has conditionally accepted the
Offering.
The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities
Act of 1933, as amended (the "
U.S. Securities Act
") or any U.S. state securities laws, and may not be
offered or sold in the United States or to, or for the account or benefit of, United States persons absent
registration or any applicable exemption from the registration requirements of the U.S. Securities Act
and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor will there be any sale of these securities
in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Palladium One:
Palladium One Mining Inc. is an exploration company targeting district scale, platinum-group-element
(PGE)-copper nickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or
LK Project, a palladium dominant platinum group element-copper-nickel project in north-central
Finland, ranked by the Fraser Institute as one of the world's top countries for mineral exploration and
development. Exploration at LK is focused on targeting disseminated sulfides along 38 kilometers of
favorable basal contact and building on an established NI 43-101 open pit resource.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This press release includes "forward-looking information" that is subject to a few assumptions, risks
and uncertainties, many of which are beyond the control of the Company. Statements regarding listing
of the Company's common shares on the TSXV are subject to all of the risks and uncertainties
normally incident to such events. Investors are cautioned that any such statements are not
guarantees of future events and that actual events or developments may differ materially from those
projected in the forward-looking statements. Such forward-looking statements represent
management's best judgment based on information currently available. Factors that could cause the
actual results to differ materially from those in forward-looking statements include: the occurrence of
natural and unnatural catastrophic events and claims resulting from such events; and risks related to
COVID-19 including various recommendations, orders and measures of governmental authorities to
try to limit the pandemic, including travel restrictions, border closures, non-essential business
closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets,
economic activity, financing, supply chains and sales channels, and a deterioration of general
economic conditions including a possible national or global recession; as well as those risk factors
discussed or referred to in the Company's disclosure documents filed with the securities regulatory
authorities in certain provinces of Canada and available at
www.sedar.com
. The Company does not
undertake to update forward-looking statements or forward-looking information, except as required by
law. Investors are cautioned that any such statements are not guarantees of future performance and
actual results or developments may differ materially from those projected in the forward-looking
statements.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/75346