{"id":1151339,"date":"2019-11-22T15:53:49","date_gmt":"2019-11-22T21:53:49","guid":{"rendered":"https:\/\/resourceworld.com\/?p=56966"},"modified":"2019-11-22T15:53:49","modified_gmt":"2019-11-22T21:53:49","slug":"palladium-one-cashes-in-on-record-high-price","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1151339","title":{"rendered":"Palladium One cashes in on record high price"},"content":{"rendered":"

Palladium One Mining Inc.<\/strong> [PDM-TSXV; 7N11] said Friday November 22 that it expects to take advantage of a record high palladium price by closing an over-subscribed $3.8 million non-brokered private placement by November 29, 2019.<\/p>\n

Palladium One is a platinum-group elements, nickel, copper exploration and development company. Its assets consist of the palladium dominant Lantinen Koillisma\u00a0 (LK) PGE-Cu-Ni project in north-central Finland and the Tyko Ni-Cu-PGE property near Marathon, Ontario.<\/p>\n

Private placement proceeds are earmarked for the Finland project.<\/p>\n

The Kaukua deposit of the LK project hosts 635,600 palladium-equivalent ounces of Indicated Resources, grading 1.80 g\/t palladium equivalent, containing 11 million tonnes at 0.81 g\/t palladium, 0.27 g\/t platinum, 0.09 g\/t gold (1.17 g\/t palladium-equivalent) 0.15% copper and 0.09% nickel.<\/p>\n

On top of that is 525,800 palladium equivalent ounces of Inferred Resources grading 1.50 g\/t palladium equivalent, contained in 11 million tonnes at 0.6 g\/t palladium, 0.20 g\/t platinum, 0.08 g\/t gold (0.92 g\/t palladium-equivalent), 0.13% copper and 0.08% nickel.<\/p>\n

The company says Kaukua is open for expansion, while the Kaukua South, Murtolampi and Haukaiho mineralized zones require systematic exploration via diamond drilling to follow up mineralized drill intercepts.<\/p>\n

The Tyko Project is an early stage, high sulphide tenor, nickel focused project with recent drill hole intercepts returning up to 1.06% nickel over 6.22 metres, including 4.71% nickel over 0.87 metres in drill hole TK-16-010.<\/p>\n

In an October 28, 2019 press release, Palladium One said it was originally hoping to raise $3.2 million from the private placement financing. The company said Bay Street financier Eric Sprott was expected to subscribe for $1.09 million (18.2 million) offering units, an amount that would have represented 34.1% of the original offering, leaving him with a 19.9% stake in the company.<\/p>\n

\u201cWe are delighted to announce this offering as proceeds will allow us to focus on increasing our existing mineral resources at our LK Project through new discoveries, and step-out and infill drilling, along the 38-km basal contact corridor,\u201d said Palladium One President and CEO Derrick Weyrauch.<\/p>\n

News of the financing came on the same day that palladium hit a record price of US$1,808 an ounce. Weyrauch said this was due to supply deficits and as a direct consequence of higher demand from stricter auto emission standards, and the migration away from diesel powered automobile.<\/p>\n

He said that makes Palladium One well positioned as a strategic metal provider for cleaner air.<\/p>\n

Palladium One said the offering was originally scheduled to consist of 53.3 million units at $0.06 per units, raising gross proceeds of up to $3.2 million with an over-allotment allocation of up to 15% of the total offering.<\/p>\n

However, on November 6, 2019, the company said it was increasing the size of the offering to 62.9 million units, raising the total gross proceeds to $3.8 million at price of $0.06 per unit. It added that Sprott was expected to take up 20 million units worth $1.2 million, representing 31.7% of the offering.<\/p>\n

Assuming the offering is fully subscribed, Sprott\u2019s ownership interest in the issued and outstanding common shares of the company is expected to be 19.3% on a non-diluted basis.<\/p>\n

On Friday, Palladium One shares rose 6.7% or $0.05 to $0.08. The shares are currently trading in a 52-week range of $0.04 and 15 cents.<\/p>\n","protected":false},"excerpt":{"rendered":"

Palladium One Mining Inc. [PDM-TSXV; 7N11] said Friday November 22 that it expects to take…<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[391,622],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1151339"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1151339"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1151339\/revisions"}],"predecessor-version":[{"id":1151340,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1151339\/revisions\/1151340"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1151339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1151339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1151339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}