Paladin raises another $50m
PERTH (miningweekly.com) – Uranium miner Paladin Energy will issue a further $50-million in convertible bonds to China Investment Corporation (CIC), giving the miner additional flexibility to reduce its debt.
In February, Paladin raised $100-million through convertible bonds, which were issued to institutional, professional and sophisticated investors, and are due in 2020.
The company said this week that it had exercised an upsize option, and had agreed to issue a further $50-million in convertible bonds to CIC.
“The investment by CIC provides Paladin with additional flexibility and bolsters our cash position, thereby further reducing the need for any additional funding in the medium term, and enabling Paladin to fully capitalise on its strategic value,” said Paladin MD and CEO John Borshoff.
“More importantly, Paladin’s new relationship with CIC as one of the largest sovereign wealth funds in the world, sets a possible platform for Paladin's future development and growth to become a true tier-one uranium producer amongst its peers.”
The Chinese firm had already obtained Foreign Investment Review Board approval for the acquisition of the convertible bonds, and the issue of the $150-million convertible bonds was subject only to shareholder approval.
A general meeting had been scheduled for March 30.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation