Corrs supports Paladin's A$300 million raise
Corrs Chambers Westgarth has advised Paladin Energy Ltd in raising A$300 million to develop the PLS project
Australia’s leading independent law firm, Corrs Chambers Westgarth, has successfully advised Paladin Energy Ltd (Paladin) on a fully underwritten equity raising totalling A$300 million. This funding will primarily be directed towards advancing the development of the Patterson Lake South (PLS) project in Canada, which is a key initiative for Paladin, an independent uranium producer listed on the ASX, TSX, and OTCQX.
The equity raising comprised an institutional placement of new Paladin shares amounting to A$231 million and a Canadian ‘bought-deal’ private placement for A$33 million. Additionally, A$36 million worth of existing shares were sold, which were acquired through its recent purchase of Fission Uranium Corp. In connection with this equity raising, Paladin plans to invite eligible shareholders to participate in a share purchase plan.
Securing this equity funding enhances Paladin’s financial flexibility, allowing the company to proceed with the PLS project alongside the ongoing ramp-up of its Langer Heinrich Mine in Namibia. This mine is expected to be fully operational by the end of FY26, with comprehensive mining and processing activities scheduled for FY27.
The transaction was led by partner Russell Philip, alongside senior associates Jonathan dos Santos and Amy Eaton, who provided comprehensive advice throughout the capital raising process.
Commenting on the matter, lead partner Russell Philip expressed his satisfaction, stating: “We are delighted to advise Paladin on this strategic capital raising, which positions them to significantly advance the development of the PLS project towards a Final Investment Decision whilst simultaneously completing the ramp-up of operations at the Langer Heinrich Mine. The transaction supports Paladin in its focus to make a meaningful contribution to global decarbonisation efforts through the supply of uranium for nuclear energy. The matter demonstrates Corrs’ expertise in executing complex ECM transactions in the energy and resources sector.”