The Sheridan Platinum Group (SPG) and TSE-listed North American Palladium (NAP) have reached a settlement concerning a dispute over the Lac des Isles platinum-palladium mine near Thunder Bay, Ont.
As part of the settlement, NAP bought SPG’s interest in the mine in exchange of cash, stock and a reserved net interest of 3%, increasing to 5% after the year 2000. As well, all inter-company payables, receivables and investments have been eliminated and the SPG has assumed NAP’s 25.5% interest in the San Andreas gold mine in Honduras.
SPG will receive $10 million over an 8-month period and 2 million NAP shares to be held in trust. The shares will be released at the rate of 30,000 per month.
In other news, NAP posted a loss of almost $2.7 million (or 29 cents a share) for the six months ended June 30. This compares with a loss of $331,000 (4 cents a share) for the same period last year.
Be the first to comment on "Lac des Iles dispute settled"