James Bridie Paladin raise $419 million from placement Following yesterday’s announcement, Paladin Energy Limited (PDN) said it had raised $419 million through a institutional private placement of 93.45 million shares. This represents around 15% of the company’s current issued capital.
The placement was made at $4.60 per share, or a 6.1% discount to the price of the company’s shares at the close Tuesday.
The uranium miner, which has interests in Queensland and Africa, said the funds would be used for merger & acquisition opportunities as they arise, as well as the recently approved Langer Heinrich Stage 3 project.
Managing director and CEO John Borshoff said the strong institutional support underlines Paladin’s unique position as an independent and diversified uranium producer.
”Proceeds from today’s raising will enable Paladin to advance its existing portfolio of uranium assets,” Mr Borshoff said.
”Additionally, Paladin believes that with its balance sheet strength and development expertise, the company is well placed to partner both junior uranium companies and downstream companies seeking to commercialise uranium opportunities,” he added.
NGM Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
