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Shareholders Vote in Favor of the Biz Combination With North American Palladium
May 22, 2009 10:09AM
May 22, 2009
Cadiscor' Shareholders Vote in Favor of the Business Combination With North American Palladium
MONTREAL, QUEBEC--(Marketwire - May 22, 2009) - Cadiscor Resources Inc. ("Cadiscor") (TSX VENTURE:CAO)(FRANKFURT:DQN) is pleased to announce that at a special meeting of shareholders held today, 100% of all represented shares (31,070,459) voted unanimously in favor of the business combination with North American Palladium Ltd ("NAP") (TSX:PDL)(NYSE Amex:PAL).
Pursuant to a plan of arrangement, Cadiscor will become a wholly-owned subsidiary of NAP and all of the issued and outstanding common shares of Cadiscor will be transferred to NAP in consideration for the issuance by NAP of 0.33 common shares of NAP for each Cadiscor share. All of the outstanding stock options, warrants and debenture of Cadiscor will become stock options, warrants and debenture of NAP using the same exchange ratio of 0.33.
Cadiscor will apply to the Quebec Superior Court on Monday May 25, 2009 for a final order approving the plan of arrangement. The closing of the business combination is scheduled for May 26, 2009. Upon closing, the trading of Cadiscor on the TSX Venture will be halted and the shares of Cadiscor will be later delisted from the TSX Venture.
NAP is a precious metals company that owns one of North America's largest palladium mines, historically producing approximately 4% of global palladium supply. The mine located in Thunder Bay has a large measured and indicated resources of 36 million tonnes grading 3.18 grams of palladium per tonne, for a total of 3.7 million ounces of palladium in situ. NAP has mining personnel with significant experience in developing and operating underground mines, and a highly liquid stock, all of which would benefit Cadiscor shareholders. NAP also has a strong balance sheet.
On March 31, 2009, NAP advanced $7.5 million to Cadiscor as part of the agreement, in the form of two, 18-month Notes. Since securing this financing, Cadiscor has been hiring personnel at the Sleeping Giant Mine, and has begun development at the Mine to restart gold production, planned for the fourth quarter of 2009.