Brookfield completes recapitalization of North American Palladium
Precious metals producer North American Palladium Ltd (NAP) (TSX: PDL) has closed its previously-announced recapitalization deal with Brookfield Asset Management‘s private equity group. As a result, amounts owing to Brookfield have been converted into equity. Brookfield now owns 92 percent of NAP’s outstanding common shares and has appointed Managing Partners Peter Gordon and David Nowak to the board of directors. The Toronto-based NAP has yet to complete a $50 million rights offering backstopped by Brookfield and other parties. The offering's net proceeds will be used to repay a bridge loan facility with Brookfield and fund operations at its Lac des Iles palladium mine in Ontario.
7 August 2015•8 mins read
