Impala Platinum offers $1B for Toronto-based North American Palladium [Business News Network (BNN) Energy & Resources (Canada)]
IMPALA PLATINUM HLDGS ADR (IMPUY)
NASDAQ:AMEX Investor Relations:
implats.co.za/results-and-presentations.php
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Source: Business News Network
Impala Platinum offers $1B for Toronto-based North American Palladium $1-billion sales agreement announced Monday represents the culmination of a six-year turnaround for Toronto-based miner North American Palladium Inc., its president and CEO says. On a conference call to discuss the deal to sell the company to South African miner Impala Platinum Holdings Ltd., Jim Gallagher said NAP was in severe financial distress following a poorly executed mine expansion in 2013 when financier Brookfield Capital Partners stepped in with a US$130-million loan. In 2015, with the company still struggling, Brookfield converted its loan to equity to become the majority owner, on the understanding that it would sell its stake when the turnaround was complete. “That day has come today. We have a sale of the company in an all-cash deal at near-record palladium prices and, except for a two-day blip in March of this year, at near-record high share prices,” said Gallagher on a conference call to discuss the
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