Paladin Energy (ASX:PDN) has surpassed its planned $20 million share purchase plan (SPP), accepting applications for $100 million out of the $138 million received.
The company will issue 13.79 million shares at an issue price of $7.25 per share on a pro rata basis for a minimum application of $1,000 and up to $30,000 in shares.
Funds raised will accompany a $300 million equity raising to fund development activities at the Patterson Lake South Project in the Athabasca Basin of Saskatchewan, as reported by Mining.com.au.
Paladin intends to push the project towards a final investment decision, while also ramping up activities at the Langer Heinrich Mine into full mining and processing plant operations by FY2027.
Shares will be issued today (16 October), after the SPP closed on 9 October.
Paladin Energy is a uranium explorer and producer holding a portfolio of assets across Australia and Canada.
Write to Maddison Elliott at Mining.com.au
Images: Paladin Energy
