North American Palladium Announces Voting Results From Special Meeting of Shareholders

TORONTO, Dec. 04, 2019 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL) (OTC PINK:PALDF) today announced the positive outcome of the shareholder ("Shareholders") vote at today's special meeting (the "Meeting") of the Shareholders regarding the previously announced arrangement (the "Arrangement") pursuant to which a subsidiary of Impala Platinum Holdings Limited (the "Purchaser") will acquire all of the issued and outstanding common shares of the Company (the "Shares") by way of a plan of arrangement. Under the terms of the Arrangement, shareholders of NAP other than Brookfield (defined below), will receive C$19.74 per Share in cash and Brookfield Business Partners L.P. (together with its institutional partners, collectively “Brookfield”), as the majority shareholder of NAP, will receive C$16.00 per Share in cash.

Approximately 96.69% of the Shares voted at the Meeting voted in favour of the special resolution approving the Arrangement. Details of the voting results will be filed under the Company's profile on SEDAR www.sedar.com.

NAP will apply for a final order of the Ontario Superior Court of Justice (Commercial List) for approval of the Arrangement on December 9, 2019. Closing of the transaction remains subject to certain customary closing conditions including court approval and the receipt of the remaining required regulatory approvals. Assuming the satisfaction of these closing conditions, the transaction is expected to close on or around December 13, 2019. Following the completion of the Arrangement, the Company will be de-listed from the Toronto Stock Exchange and the Company will make the respective applications to the relevant securities regulatory authorities in Canada to cease to be a reporting issuer for the purposes of securities legislation.

Shareholders who have questions or require assistance with submitting their Shares to the Arrangement may direct their questions to Computershare Trust Company of Canada, who is acting as depositary under the Arrangement, toll free at 1-800-564-6253 or by email at [e-mail]. Further information regarding the Arrangement is available in the management information circular of the Company dated November 1, 2019, which is available under NAP's profile on SEDAR at www.sedar.com.