10/09/2009 - 09:26

Paladin Energy raises $419m in placement

10/09/2009 - 09:26

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Paladin Energy says it has received strong institutional support for its $419 million share placement, which will be used to fund acquisitions and expand its Langer Heinrich uranium mine in Namibia.

Paladin Energy says it has received strong institutional support for its $419 million share placement, which will be used to fund acquisitions and expand its Langer Heinrich uranium mine in Namibia.

Details of the capital raising were released today after the miner went into a trading halt yesterday, flagging a substantial capital raising.

Shares in the placement were priced at $4.60 each, a discount to Paladin's last traded price of $4.69 at 11:05 AEST today after it emerged from the trading halt.

The placement was managed by RBC Capital Markets, UBS and three other co-managers. Paladin is also listed on the Toronto Stock Exchange.

Paladin expects new shares from the placement to be issued on September 16.

"Proceeds from today's raising will enable Paladin to advance its existing portfolio of uranium assets," chief executive John 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."

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