Paladin Energy plunges after cancelling mine sale

|About: Paladin Energy Ltd. (PALAF)|By:, SA News Editor

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).