Seeking Alpha

Paladin Energy plunges after cancelling mine sale

  • Australian uranium miner Paladin Energy (PALAF.PK) fell as much as 29% in Toronto on Friday after it canceled plans to sell a minority interest in an African mine, and instead raised funds through a private placement of shares.
  • Paladin said it ended negotiations involving its Langer Heinrich miner in Namibia after it became clear it wouldn't get the price it wanted due to low uranium prices.
  • A private placement of ~125M shares, ~15% of shares outstanding, is expected to raise A$88M ($77.9M).
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