Palladium One Mining Closes Oversubscribed Private Placement
TSX VENTURE: PDM
VANCOUVER, British Columbia, May 09, 2019 (GLOBE NEWSWIRE) -- Palladium One Mining Inc. (TSX-V: PDM) (the "Company" or “Palladium One”) today announced that it has closed it’s previously announced, oversubscribed, non-brokered private placement for gross proceeds of $1,352,960 (the “Offering”) (see press releases dated April 4, 2019).
The Company has issued 16,912,000 Units at a price of $0.08 per Unit through the Offering. Each Unit consists of one common share and one common share purchase warrant entitling the holder to acquire an additional common share at a price of $0.12 for a period of twenty-four months. The common share purchase warrants issued as part of the Units are subject to accelerated expiry in the event the common shares of the Company trade on the TSX Venture Exchange at a Volume weighted average price of $0.20 or more for ten consecutive trading days.
In connection with the closing of the placement the Company paid finders’ fees totalling $8,470 to Mackie Research Capital Corp and a private individual who introduced subscribers to the placement. All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period from the date of issue, expiring on September 10th, 2019.
Net Proceeds from the proposed financing are intended to pay for exploration of the LK and Tyko Projects and for working capital purposes.
About Palladium One:
Palladium One Mining Inc. is a PGE, nickel, copper exploration and development company. Its assets consist of the Lantinen Koillismaa (“LK”) PGE-Ni-Cu project, located in north-central Finland and the Tyko Ni-Cu-PGE property, near Marathon, Ontario, Canada.
ON BEHALF OF THE BOARD:
Interim President & CEO, Director
For further information contact:
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in gold and other commodity prices; title matters; 6 environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to U.S. Shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.