PERTH (miningweekly.com) – Uranium miner Paladin Energy has completed an accelerated institutional component of its A$144-million entitlement offer, raising about A$50-million, with more than 86% of entitlements taken up.
The dual listed miner said on Wednesday that the new shares, which were priced at 26c each, would rank equally with existing shares and would be allotted on December 4.
The entitlement offer was part of a number of recapitalisation measures introduced by Paladin earlier this month, which included a placement to Singapore’s HOPU Clean Energy worth about A$61-million and an underwritten entitlement offer to raise A$144-million.
Paladin noted on Wednesday that HOPU had fully participated in the entitlement offer, following the settlement and allotment of its share placement.
Paladin said that the proceeds raised from the placement and entitlement offer would address the company’s existing 2015 convertible bonds. Further initiatives intended for 2015, were expected to provide a cash buffer to allow Paladin to remain fully funded until June 2016.