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Message: Receives Court Approval to Hold its Special Shareholder Meeting
| April 27, 2009 |
| Cadiscor Receives Court Approval to Hold its Special Shareholder Meeting |
| MONTREAL, QUEBEC--(Marketwire - April 27, 2009) - Cadiscor Resources Inc. ("Cadiscor") (TSX VENTURE:CAO)(FRANKFURT:DQN) is pleased to announce that the Superior Court of Quebec has approved Cadiscor's petition to hold its Special Meeting on May 22, 2009 to consider a plan of arrangement between Cadiscor Resources Inc. ("Cadiscor") and North American Palladium Ltd ("NAP"). Accordingly, the Management Information Circular will be mailed today to all Cadiscor shareholders registered as of April 20, 2009, the record date and will be available on our Website: www.cadiscor.com. The Cadiscor Board approved the arrangement to exchange 0.33 common share of NAP for each issued and outstanding common share of Cadiscor. This transaction gives Cadiscor shareholders an attractive 47% premium for their shares, as of the day of the announcement and significant upside to future increases in the price of palladium and gold. The Board unanimously recommends that Cadiscor shareholders approve the arrangement by voting in favour of the arrangement at the Special Meeting on May 22, 2009. 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 resource of over 3.7 million ounces of palladium. 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. |
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