NGM Resources skyrockets on Paladin deal

Paladin Energy has agreed to invest some $500,000 into junior explorer NGM Resources, which it says will kick-start its previous work on its Niger uranium projects.

Under the agreement, Paladin will subscribe to a total of 20 million shares priced at 2.5 cents each to take up to a 14 per cent stake.

Paladin then has the option to subscribe for a further $300,000 worth of shares.

Paladin has also agreed to provide technical assistance for work on NGM's uranium concessions, which NGM will operate.

Shares in NGM skyrocketed 120 per cent to close at 3.3 cents today.