TORONTO, ONTARIO -- (Marketwired) -- 04/08/16 -- North American Palladium Ltd. ("NAP") (TSX:PDL)(OTC PINK:PALDF) (the "Company"), is pleased to announce today that on March 24, 2016 , the Company adopted a stock option plan (the "Stock Option Plan") pursuant to which a maximum of 5,000,000 common shares or 8.60% of the current issued and outstanding common shares of the Company may be reserved for issuance pursuant to the exercise of options. The previous stock option plan was terminated and all stock options issued and outstanding at the time were cancelled effective August 6, 2015 as a result of a plan of arrangement implemented by the Company. Pursuant to the Stock Option Plan, the Company has granted stock options to certain of its officers and employees to purchase an aggregate of 1,125,000 common shares at an exercise price of $5.97 per common share. The stock options have a term of ten (10) years, subject to one-fifth of the grant vesting every twelve (12) months from grant day. Under the terms of the Stock Option Plan 3,875,000 common shares or 6.67% of the current issued and outstanding common shares of the Company remain available for future grants. A summary of key terms of the Stock Option Plan can be found in the Company's management proxy circular dated April 1, 2016 .
In connection with the adoption of the Stock Option Plan, the Company is relying on the Toronto Stock Exchange Company Manual exemption under section 604(f), which provides that securityholder approval will not be required where at least ninety percent (90%) of a listed issuer's equity and outstanding voting securities are held by one person or company, together with its associates and affiliates. As of the date of this press release, Brookfield Capital Partners Ltd. owns approximately 92% of the issued and outstanding common shares of the Company (on a non-fully diluted basis) and therefore additional shareholder approval is not required to adopt the Stock Option Plan.