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Palladium One Announces a C$3.2 Million Non-Brokered Private Placement as Palladium Prices Reach Record-High of US$1,808 per Ounce
Vancouver, British Columbia--(Newsfile Corp. - October 28, 2019) - Palladium One Mining Inc. ...
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[{"type":"text","content":"Palladium One Announces a C$3.2 Million Non-Brokered Private Placement as Palladium Prices Reach Record-High of US$1,808 per OunceVancouver, British Columbia--(Newsfile Corp. - October 28, 2019) - Palladium One Mining Inc. (TSXV: PDM) (FSE: 7N11) (the \"Company\" or \"Palladium One\") is pleased to announce that it will undertake a non-brokered private placement offering (the \"Offering\"), consisting of up to 53,333,333 units (the \"Units\") at a price of C$0.06 per Unit, for gross proceeds of up to C$3,200,000 with an over-allotment allocation of up to 15% of the total Offering. Mr. Eric Sprott, is expected to participate in the Offering in an amount equivalent to provide a 19.99%, non-diluted, ownership interest in the issued and outstanding common shares of Palladium One. Assuming the Offering is fully subscribed, and there is no over-allotment, Mr. Sprott's subscription is expected to be C$1,091,000 or 18,197,000 Units, representing approximately 34.1% of the Offering.Each Unit will be comprised of one common share (a \"Common Share\") and one-half of one non-transferable, common share purchase warrant (each whole warrant, a \"Warrant\"), with the additional terms described below. The net proceeds from the Offering are intended to be used by the Company primarily for exploration activities on its palladium-dominant, LK Project in Central Finland, its Tyko Sulphide Nickel Project in Ontario, Canada and for general, corporate and administrative purposes.\"We are delighted to announce this Offering as proceeds will allow us to focus on increasing our existing palladium mineral resources at our LK Project (see press release dated September 9, 2019) through new discoveries, and step-out and infill drilling, along the 38 km basal contact corridor. After closing the Offering, our plan is to conduct high-resolution IP geophysics and then initiate a 5,000-metre diamond drill program. IP has demonstrated at the KL Project's Kaukua zone, to correlate with base metal sulphides, and high PGE values and is therefore a preferred method to target higher-grade mineralization. We intend to initiate these exploration activities as soon as practical and during the winter months. Planning is well underway.\" commented Derrick Weyrauch, President and CEO.Derrick Weyrauch continued, \"Palladium reached a record price of US$1,808 per ounce today, ...