Paladin Energy announces $525M equity raising

Paladin Energy (ASX:PDN) launched a fully underwritten $525 million equity raising to fund its Canadian uranium developments and reduce debt.

The capital raising follows Paladin Energy’s October quarterly report showing Langer Heinrich uranium production dropped from 1.23 million to 1 million pounds.

"This capital helps maintain momentum towards targeted first production in 2031," said Paladin Energy CEO Paul Hemburrow.

The company will raise $474 million via an institutional placement, CAD$50 million in Canada, and up to $50 million from retail shareholders.

Following the announcement, the Paladin Energy share price was unchanged at $8.70 due to an active trading halt.

Paladin Energy operates the Langer Heinrich uranium mine in Namibia while advancing its Patterson Lake South project in Canada’s Athabasca Basin.

Over the past three months, the company reported full-year financial results, signed a First Nations agreement, and announced new high-grade exploration discoveries.