Other Elements and Materials

Paladin completes retail entitlement offer

Paladin completes retail entitlement offer
Mining News Pro - Uranium company Paladin Energy has completed the retail component of its 1-for-8.5 fully underwritten accelerated non-renounceable pro-rata entitlement offer, raising A$26.2-million.

The entitlement offer formed part of Paladin’s plans to raise A$218.7-million to redeem outstanding senior secured notes, and to set the company on a path to restart production at its Langer Heinrich mine, in Namibia.

The company has previously raised A$192.5-million of this target, having completed the institutional placement and institutional component of its entitlement offer.

The ASX-listed company on Wednesday said that retail shareholders subscribed for more than 57.3-million shares, at a price of 37c each, representing a take-up rate of some 80.1% of the available retail entitlement offer shares.

In addition, applications totalling some A$5-million, or 13.3-million shares, were accepted under the retail shortfall facility, increasing the total take-up from eligible retail shareholders to around A$26.2-million. A further A$750 000 of retail shortfall facility applications were in excess of the amount available for allocation.

The new shares issued under the retail entitlement offer will start trading on April 19.

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