Paladin makes $3 million placement

PALADIN Resources has made a private placement to raise $3 million with what the company calls a “prominent” Canadian investment fund with a positive long-term view on the uranium price and the mineral’s global outlook.

The placement has been based on the issue of 7.5 million shares at 40 cents a share, about 95 per cent of the market price average for Paladin shares over the past four trading days from September 23.

The money raised from the placement will be used to fund and develop Paladin’s Kayelekera Uranium Project in Malawi and provide general working capital.

Besides Kayelekera, Paladin’s flagship project is the Langer Heinrich Uranium project in Namibia.

Langer Heinrich is currently undergoing a bankable feasibility study and Kayelekera is preparing for a bankable feasibility study.

Paladin was ranked number one in the Trudo Total Shareholder Return survey bringing a Total Shareholder Return of 1,127.3 per cent for 12 months.