Paladin Energy (ASX:PDN) intends to open a share purchase plan (SPP) on 23 November to raise up to $50 million after completing a $525 million equity raising.
The fully underwritten raising comprises a $499 million ASX institutional placement and a C$25 million ($26 million) Canadian bought deal.
The placement covers about 64 million new shares at $7.80 each, while the bought deal covers roughly 3.3 million shares at C$7.62 each. Both are expected to settle on 18 November, with placement shares allotted on 19 November.
Trading halts on the ASX and Toronto Stock Exchange (TSX) lift today (13 November), with the TSX halt ending on 14 November Sydney time. Closing of the bought deal depends on the placement closing and TSX approval.
Proceeds will fund development of the Patterson Lake South (PLS) Project, potential resource growth and mine life extension at Triple R, and exploration across the company’s Athabasca Basin portfolio in Canada.
CEO Paul Hemburrow says the company is ‘pleased’ with the support received from existing and new institutional investors.
“This capital allows us to maintain the strong momentum we have generated at the PLS Project as it advances towards targeted first production in 2031, and accelerate exploration and growth across Paladin’s broader Athabasca Basin region tenure package,” Hemburrow says.
Eligible shareholders in Australia and New Zealand on the register at 7:00pm Sydney time on 11 November can apply for up to $30,000 of shares at $7.80 without brokerage.
The SPP closes on 7 December, with results and share allotments scheduled for 14 December.
Paladin Energy is an independent Australian uranium mining and exploration company focused on supplying global nuclear utilities to support clean baseload energy and decarbonisation.
Write to Paula Fabe at Mining.com.au
Main image: Paladin Energy
