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Glencore takes equity stake in Palladium One (TSXV:PDM)

Mining, The Market Online Deal Room
TSXV:PDM
30 March 2023 10:23 (EDT)

Source: Palladium One Mining.

Palladium One (PDM) has announced a non-brokered financing with a Glencore subsidiary.

Glencore will acquire 28,347,000 common shares at C$0.15 per share for gross proceeds of $4,252,050.

Glencore will own 9.99 per cent of Palladium One’s issued and outstanding common shares on a non-diluted basis.

Palladium One will use the proceeds for exploration and development activities, working capital, and general and administrative expenses.

Glencore will have certain customary rights, including participation rights in future equity security issuances and the right to nominate an individual to Palladium One’s technical committee.

The two companies will also sign an investor rights agreement, under which Glencore will agree to certain customary transfer and standstill restrictions.

The private placement is expected to close by April 11, 2023, subject to regulatory approval.

Palladium One Mining is focused on discovering environmentally and socially conscious metals for green transportation.

Palladium One (PDM) is up by 31.58 per cent trading at $0.125 as of 9:34 am EST.

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