North American Palladium Ltd. said Dec. 10 that it planned to raise about C$5 million at a premium to its recent share price through a nonbrokered financing.

The palladium producer said it would issue up to 535,714 shares priced at C$14 in a flow-through private placement. In the last trading session before the miner announced the financing, its shares closed at C$11.78.

North American Palladium said proceeds would support exploration on its properties in Ontario, where it operates the Lac des Iles palladium mine.