Paladin Energy completed its fully underwritten A$525 million equity bookbuild, with the Australian share of the financing rising as it funds a Canadian uranium project and prepares a separate shareholder offer.
Paladin said interest from both new and existing investors led it to increase the Australian placement. The final allocation is A$499 million through the Australian Securities Exchange (ASX) and C$25 million, or about A$26 million, through a Canadian bought deal.
The ASX placement consists of 64,026,103 shares at A$7.80 each. The Canadian deal covers 3,280,840 shares priced at C$7.62. Settlement for both offerings is scheduled for Nov. 18, and Paladin plans to allot the ASX shares on Nov. 19.
The final mix differs from Paladin’s Nov. 12 launch terms, which set the ASX placement at A$474 million and the Canadian deal at C$50 million. EconoTimes covered the initial offer when it opened. At A$7.80, the Australian shares were priced 10.3% below Paladin’s A$8.70 ASX closing price on Nov. 11, the last trading day before the launch.
Paladin’s presentation allocates A$367 million to Patterson Lake South (PLS) development work in calendar 2027 and 2028. It also sets out funding for Triple R resource growth and mine-life extension, Athabasca Basin exploration and balance-sheet flexibility, including repayment of an existing term loan. The company targets first production at PLS in 2031.
The separate share purchase plan (SPP) is not underwritten and targets up to A$50 million before costs. If fully subscribed, the bookbuild and SPP together would total A$575 million before costs. The SPP is available to shareholders recorded at 7 p.m. Sydney time (8 a.m. UTC) on Nov. 11. Applicants must have registered addresses in Australia or New Zealand, be outside the United States and may request up to A$30,000 in shares at A$7.80 each.
Paladin says issuing shares may reduce existing shareholders’ ownership stakes by different amounts depending partly on participation, and that share sales could weigh on its stock. The indicative SPP schedule calls for the offer to open Nov. 23 and close Dec. 7, with results and share allotment scheduled for Dec. 14.
