Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised Paladin Energy Ltd (Paladin) on a fully underwritten equity raising of A$300 million to be used primarily to advance the development of the Patterson Lake South project (PLS).
Paladin, an independent uranium producer listed on ASX, TSX and OTCQX, is advancing the development of its PLS project in Canada toward a Final Investment Decision. The A$300 million underwritten equity raising comprised an institutional placement of new Paladin shares for A$231 million and a Canadian ‘bought-deal’ private placement for A$33 million, together with the sale of A$36 million of existing shares acquired as a result of its recent acquisition of Fission Uranium Corp. Paladin intends to invite eligible shareholders to participate in a share purchase plan in connection with the equity raising.
Importantly, the successful equity raising positions Paladin with the balance sheet flexibility to progress the PLS project alongside the ongoing ramp up of its Langer Heinrich Mine in Namibia, which is on track to be completed by the end of FY26 with full mining and processing plant operations planned for FY27.
Led by partner Russell Philip, and supported by senior associates Jonathan dos Santos and Amy Eaton, Corrs advised on all aspects of the capital raising.
Commenting on the matter, lead partner Russell Philip said: “We are delighted to advise Paladin on this strategic capital raising, which positions them to significantly advance the development of the PLS project towards a Final Investment Decision whilst simultaneously completing the ramp-up of operations at the Langer Heinrich Mine. The transaction supports Paladin in its focus to make a meaningful contribution to global decarbonisation efforts through the supply of uranium for nuclear energy.
“The matter demonstrates Corrs’ expertise in executing complex ECM transactions in the energy and resources sector.”