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.
