Paladin Energy (ASX: PDN, TSX: PDN) was granted a trading halt this morning by the ASX to allow the company to announce a major capital raising.
Paladin intends to undertake a non-underwritten institutional private placement of ordinary shares, expected to raise up to $70 million.
Funds raised will primarily be used to strengthen Paladin’s balance sheet, and to pursue identified growth initiatives.
The bookbuild process for the placement will occur during a trading halt in Australia which is expected to remain in place until the markets re-open on the ASX on Thursday, 29 September 2011.
Paladin will not be seeking shareholder approval for the issue of new shares.