North American Paladium (“PDL”)(TSX:PDL, StockForum), a Toronto-based precious metals producer operating in Ontario, announced today that the company intended to issue an extra $4.5 million in convertible debentures connected to the first tranche of 7.5% convertible unsecured debentures and associated warrants first disclosed at the end of January.
According to the news release, the aggregate gross proceeds of PDL's offering hit the company's target of $32 million.
Warrants issued in the offering are still subject to disinterested shareholder approval and PDL intends to hold a shareholder meeting March 20, 2014 to obtain said approval.
Investors were encouraged to complete due diligence and read the base shelf prospectus released by the company and any other pertinent documentation filed at SEDAR or EDGAR.
North American Paladium was in the news recently when the company completed the first tranche of their debenture offering.
Shares slipped 8.14% on the news to $0.395 per share.
Currently there are 197.6m outstanding shares with a market cap of $78.0 million.