Paladin Energy Ltd has raised A$400 million (approximately N$4.96 billion) to accelerate the development of its uranium portfolio — but turned down A$38 million (about N$470 million) in oversubscriptions after its retail offer drew overwhelming demand.
The total comprises a A$300 million (N$3.72 billion) fully underwritten institutional placement and A$100 million (N$1.24 billion) accepted under the company’s Share Purchase Plan (SPP).
While Paladin initially targeted just A$20 million from retail investors, shareholders applied for A$138 million (around N$1.7 billion) worth of shares, forcing the company to scale back applications and refund the extra A$38 million.
According to Paladin, the institutional placement will fund two key initiatives — advancing the Patterson Lake South (PLS) Project in Canada toward a Final Investment Decision (FID) and ramping up the Langer Heinrich Mine (LHM) in Namibia to full operational capacity by FY2027.
Langer Heinrich, one of Africa’s leading uranium assets, is expected to reclaim its position as a cornerstone producer in Paladin’s portfolio once it reaches steady-state output.
Funds raised under the SPP will be used for working capital and future exploration across the company’s uranium projects.
Paladin said it exercised its discretion to accept A$100 million from retail investors to ensure fairness and to maintain a balanced capital structure while still recognising the strong shareholder support.
Under the SPP, 13.79 million new shares will be issued at A$7.25 (about N$90) per share, with trading on the ASX expected to commence on 17 October 2025. Refunds from scaled-back applications will be processed by 21 October 2025.
Paladin described the overwhelming demand from both institutional and retail investors as a clear vote of confidence in its uranium growth strategy.
The funds will support its next phase of expansion while ensuring the Langer Heinrich Mine in Namibia remains central to the company’s operations and Namibia’s role in the global clean-energy transition.
