TORONTO, ONTARIO, Apr 20, 2010 (MARKETWIRE via COMTEX) -- North American Palladium Ltd. ("NAP" or "the Company") (PDL)(TSX: PDL.WT.A)(NYSE Amex: PAL) today entered into an agreement with a syndicate of underwriters co-led by Cormark Securities Inc. and Haywood Securities Inc. (collectively, the "Underwriters") under which the Underwriters have agreed to purchase 15,000,000 units (the "Units") from the Company on a bought deal basis at a price of C$5.00 per Unit for aggregate gross proceeds of approximately C$75,000,000 (the "Offering").

Each Unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to acquire an additional common share at a price of C$6.50 during the period ending 18 months following the closing of the Offering. In the event that the closing sale price of the common shares on the TSX is greater than C$7.50 per share for a period of 20 consecutive trading days at any time after the closing of the Offering, the Company may accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case the warrants will expire on the 30th day after the date on which such notice is given by the Company.

The Company has granted to the Underwriters an option (the "Over-Allotment Option"), exercisable at any time until 30 days following the date of the final prospectus supplement relating to the Offering, to acquire, for the purpose of covering their over-allocation position, if any, up to an additional 2,250,000 Units at a price of C$5.00 per Unit.

The Offering is subject to the approval of the TSX and the NYSE Amex.