Business
Palladium One Announces Strategic Equity Investment by Glencore
Toronto, Ontario--(Newsfile Corp. - March 30, 2023) - Palladium One Mining  (TSXV: PDM) (FS...
About this update from Gt Resources Inc
[{"type":"text","content":"Palladium One Announces Strategic Equity Investment by GlencoreToronto, Ontario--(Newsfile Corp. - March 30, 2023) - Palladium One Mining (TSXV: PDM) (FSE: 7N11) (OTCQB: NKORF) (\"Palladium One\" or \"PDM\") is pleased to announce that it has entered into a subscription agreement for a C$4,252,050 non-brokered private placement financing (the \"Private Placement\") with a wholly owned subsidiary of Glencore plc (\"Glencore\"). Pursuant to the Private Placement, PDM will issue 28,347,000 common shares (\"Common Shares\") at C$0.15 per Common Share. Upon completion of the Private Placement, Glencore will own approximately 9.99% of the issued and outstanding Common Shares on a non-diluted basis.\"We welcome Glencore as a shareholder and are pleased that our efforts to build a portfolio of nickel - copper sulphide projects in Tier 1 jurisdictions has been recognized and endorsed by an industry leader. We believe this transaction highlights the deep discount to fundamental value and strategy that PDM's shares represent. \"By utilizing its financial resources and expertise Palladium One will continue to execute its strategy of maximizing exposure to critical minerals on a per share basis. \"We look forward to working with Glencore's exploration team to advance our common exploration and development goals,\" commented Derrick Weyrauch, Chief Executive Officer of PDM.\"We are very pleased to become a cornerstone investor in Palladium One. The management team has been able to put together a sizeable land package focused on critical minerals. The exploration results to date have been very encouraging and we look forward to working with Palladium One to build on the success the team has had to date,\" commented Wayne Ashworth, Head of Nickel Assets for Glencore.Net proceeds of the Private Placement are intended to be used for exploration and development activities at the Company's nickel projects, for future exploration and development activities, working capital and general and administrative expenses.In connection with the Private Placement, Palladium One and Glencore will enter into an investor rights agreement (the \"Investor Rights Agreement\"), pursuant to which Glencore will be entitled to certain customary rights including participation rights on future equity security issuances and a right to nominate an individual to the tec...