Paladin Energy: Manyingee sale not complete

Company News

by Jessica Amir

Paladin Energy Limited (ASX:PDN) has announced the 30% sale of its Manyingee Project has not been completed prior to the drop dead date of 31 March 2017 to satisfy the closing conditions.

The uranium producer previously advised that Avira Energy (ASX:AVW) agreed to buy its 30% stake in the sandstone hosted uranium deposit for US$10 million.

Avira Energy (ASX:AVW) also had the option to buy an additional 45% of Manyingee for US$20 million.

However, Paladin Energy Limited (ASX:PDN) says despite Avira getting regulatory and shareholder approval, it did not close the requisite of raising capital by the agreed timeframe.

Shares in Paladin Energy Limited (ASX:PDN) are currently still in voluntary suspension.

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