Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised Paladin Energy Ltd (ASX:PDN) (Paladin) on its A$215 million equity raise to fund a restart of production at its Langer Heinrich Mine.
Paladin is an ASX-listed uranium company which owns a large global portfolio of uranium exploration and development assets, including a 75% interest in the globally significant Langer Heinrich Mine in Namibia which has previously produced over 43Mlbs of U3O8.
The equity raise was undertaken by way of a A$200 million fully underwritten placement to global professional and sophisticated investors, together with a non-underwritten share purchase plan (SPP) which raised a further A$15 million.
Corrs’ Perth-based team advised Paladin on all aspects of the equity raise, led by partner Russell Philip and supported by senior associate Jonathan Dos Santos, lawyer Renee Correya and other experts across the Corporate team.
Commenting on the matter, partner Russell Philip said: “It has been a pleasure advising Paladin on their journey back to being a uranium producer. The completion of this capital raising significantly de-risks the restart of Langer Heinrich, and we look forward to working closely with the Paladin team in progressing towards the re-commencement of uranium production targeted for 2024.”
Ian Purdy, Paladin CEO said: “With the successful equity raise and continuing strong uranium market fundamentals, Paladin can now confidently work towards a formal commencement of the Langer Heinrich Mine Restart Project, which is poised to deliver sustainable value creation for all of our stakeholders.”