Paladin secures 50% stake in NGM

Paladin Energy has secured more than 50 per cent acceptances for its $27 million off-market scrip takeover of NGM Resources.

Paladin advised the Australian Securities Exchange earlier today that its stake in the company had risen from 48.47 per cent to 50.52 per cent.

Paladin, an African-focused uranium producer, has been seeking to acquire NGM, which has had success at its drilling program in Niger's Tim Mersoi basin, in West Africa.

Niger is the world's fourth largest uranium producer.

Paladin has offered one Paladin share for every 23.9 NGM shares.

The deal had been in doubt Deutsche Securities secured 10.7 per cent of NGM shares which Paladin said was a technical breach of one of the conditions of its offer.

But on Tuesday Deutsche agreed to sell its interest in NGM.