08:25:32 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Canadian Palladium Resources Inc
Symbol BULL
Shares Issued 41,151,156
Close 2020-01-28 C$ 0.17
Market Cap C$ 6,995,697
Recent Sedar Documents

Canadian Palladium closes $4-million private placement

2020-01-29 08:38 ET - News Release

Mr. Wayne Tisdale reports

CANADIAN PALLADIUM CLOSES NON-BROKERED PRIVATE PLACEMENT

Canadian Palladium Resources Inc. has closed the non-brokered private placement previously announced on Jan. 20, 2020. The private placement raised gross proceeds of $4,000,403 through the issuance of 33,336,698 units at a price of 12 cents per share. Each unit consists of one common share and one common share purchase warrant exercisable at a price of 18 cents for a period of 12 months from the date of grant.

Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 12.5 million units for a total consideration of $1.5-million. Following the completion of the private placement, Mr. Sprott beneficially owns and controls 12.5 million common shares and 12.5 million warrants of the company, representing approximately 12.6 per cent of the issued and outstanding common shares of the company on a non-diluted basis and approximately 22.2 per cent of the issued and outstanding common shares on a partially diluted basis. Prior to the financing, Mr. Sprott did not beneficially own or control any shares of the company.

The units were acquired by Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Canadian Palladium including on the open market or through private acquisitions or sell securities of Canadian Palladium including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of Sprott's early warning report will appear on Canadian Palladium profile on SEDAR and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (200 Bay St., Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ont., M5J 2J2).

The company has issued 1,314,099 finder units, 230,042 finder warrants and issued $27,605 in cash as finders' fees to eligible agents who arranged for subscriptions of units under the private placement. Each finder unit consists of one common share and one finder warrant. Each finder warrant entitles the holder thereof to purchase one additional common share at a price of 18 cents for a period of 12 months from the date of issuance.

The company intends to use the proceeds of the financing to advance its East Bull palladium project and for general working capital.

All of the securities issued under the private placement are subject to a four-month resale restriction and may not be traded until May 29, 2020.

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