Business
Palladium One Announces Closing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 20, 2020) - Palladium One Mining Inc. ( T...
About this update from Gt Resources Inc
[{"type":"text","content":"Palladium One Announces Closing of Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 20, 2020) - Palladium One Mining Inc. (TSXV: PDM) (FSE: 7N11) (OTC Pink: NKORF) (the \"Company\" or \"Palladium One\") is pleased to report that it has closed the first tranche of its previously announced, non-brokered private placement of flow through units for gross proceeds of $1,057,950 (News Release dated May 6, 2020). The Company has issued 2,700,000 flow-through units at a price of $0.13 per unit and 7,855,000 flow-through units at a price of $0.09 per unit (collectively \"Unit\"). Each Unit is comprised of one common share in the capital of the Company (a \"Common Share\"), one-half of one Common Share purchase warrant (each whole warrant a \"Warrant\") exercisable for 24 months from closing. The Warrants are subject to a four-month hold period in Canada from the closing date, acceleration and customary capital adjustments.Derrick Weyrauch, President and CEO commented \"This financing provides a measured approach to test the compelling, Smoke Lake drill target, located near Marathon, Ontario, Canada, and helps preserve existing 'hard dollar' cash resources for drilling at the palladium dominant LK project in Finland, where drilling was suspended due to Covid-19.\"The gross proceeds will be used by the Company to incur eligible Canadian exploration expenses (as defined in the Income Tax Act (Canada)) through the exploration of the Company's properties located in the province of Ontario.In connection with the closing of the placement the Company paid finders' fees totaling $33,452 and 135,000 Warrants to finders who introduced subscribers to the Offering. Qualified PersonThe 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.About Palladium OnePalladium One Mining Inc. is a palladium dominant, PGE, nickel, copper exploration and development company. Its assets consist of the Lantinen Koillismaa (\"LK\") and Kostonjarvi (\"KS\") PGE-Cu-Ni projects, located in north-central Finland and the Tyko Ni-Cu-PGE and Disraeli PGE-Ni-Cu properties in Ontario, Canada. All projects are 100% owned and are of a district scale. LK is an advanced project targeting ...