North American Palladium's $43 million debt offering
In order to increase production and reduce cost per ounce at its flagship Lac des Iles mine, North American Palladium (TSE:PDL) is raising Can$43 million on a bought deal basis for capital expenditures.
The mine, which is located in Ontario, is one of the two primary producing palladium mines in the world. In the company's recent 2Q for 2012, Lac des Iles mine produced 40,017 ounces of payable palladium, bringing the six month total to 81,777 ounces.
Raising money in the markets has been tough because of ongoing turbulence from China and Europe. Last week Coeur d'Alene withdrew a $350 million note offering due to weak markets.
North American Palladium's syndicate of underwriters is co-led by Scotia Capital Inc. and Raymond James Ltd.