Uranium miner Paladin Energy Ltd
(ASX:PDN) says it intends to undertake an institutional private placement of shares for up to 15 per cent of the company’s issued capital.
Paladin says the price and terms of the offering will be determined by the company after an overnight marketing effort to be undertaken by RBC Capital Markets and UBS as well as three co-managers.
The company says the proceeds will be used to advance merger and acquisition and inorganic growth opportunities.
Paladin also says the funds will go towards progressing the Langer Heinrich Stage III project and expand exploration and development programs in Australia.
The capital raising will strengthen the company’s balance sheet and ensure that it remains well placed to take advantage of other international nuclear industry opportunities as they arise. Paladin Energy posted a US$480 million loss in 2009.
Coal miner New Hope Corporation Ltd (ASX:NHC) has acquired a 13 per cent stake in Planet Gas Ltd (ASX:PGS).
New Hope paid $4.5 million for around 47.47 million Planet Gas shares.
The company says subject to Planet Gas shareholder approval, it is entitled to increase its interest in Planet Gas up to 19.9 per cent via participation in a second tranche issue at 9.5 cents a share.
As a result of this transaction New Hope says it will be the single largest shareholder in Planet Gas, with the directors of Planet Gas accepting the nomination of Robert Neale to its board of directors.
Planet Gas is an Australian-based, coal bed methane exploration and development company with operations in the Powder River Basin in Wyoming in the U.S. New Hope’s 2008 net profit was $90.68 million.
Kalgoorlie - district gold producer Dioro Exploration NL (ASX:DIO) has appointed three directors from fellow gold miner and suitor Avoca Resources Ltd (ASX:AVO) as non-executive directors of Dioro.
Robert Reynolds, Rohan Williams and Jan Castro hold the positions of non-executive chairman, managing director and non-executive director of Avoca.
Avoca Resources acquired a 44.85 per cent stake in Dioro at the close of its recent takeover offer for the company and stated in its bidder’s statements and previous announcements that it intended to take an active interest in the development of Dioro and its assets.
This included seeking representation on the Dioro board.
Avoca chairman Robert Reynolds says the company looks forward to building a closer strategic relationship with Dioro to maximise value for shareholders.
Dioro Exploration has posted net losses in the last three years, and Avoca Resources has not posted a net profit in the last five years.
