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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.
About North American palladium
NAP is an established precious metals producer that has been operating its Lac des Iles mine (LDI) located in Ontario, Canada since 1993. LDI is one of only two primary producers of palladium in the world, offering investors exposure to palladium. The Company's shares trade on the TSX under the symbol PDL and on the OTC Pink under the symbol PALDF.
North American palladium Ltd.
Investor Relations
416-360-7374
[email protected]
Source: North American palladium Ltd.
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North American Palladium Ltd
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PRODUCER |
CODE : PDL.TO |
ISIN : CA6569121024 |
CUSIP : 656912102 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
North American Palladium is a palladium producing company based in Canada. North American Palladium produces palladium, copper, gold, nickel and platinum in Canada, develops copper, gold, palladium and platinum in Finland, and holds various exploration projects in Canada. Its main assets in production are LAC DES ILES and SLEEPING GIANT PROPERTY in Canada, its main asset in development is ARCTIC (SUHANKO) in Finland and its main exploration properties are TIB LAKE, DISCOVERY PROJECT, SHEBANDOWAN - BAND-ORE and ROARING RIVER in Canada. North American Palladium is listed in Canada and in United States of America. Its market capitalisation is CA$ 1.1 billions as of today (US$ 871.6 millions, € 781.9 millions). Its stock quote reached its highest recent level on June 01, 2012 at CA$ 996.00, and its lowest recent point on December 26, 2014 at CA$ 0.16. North American Palladium has 58 130 000 shares outstanding. |