Paladin Energy (ASX:PDN) has launched a fully underwritten equity raising to raise A$525 million (before costs), comprising an A$474 million ASX institutional placement and a Canadian bought deal private placement to raise C$50 million (approximately A$51 million), with an additional non-underwritten Share Purchase Plan targeting up to a further A$50 million.

Key Points

  • Fully underwritten equity raising totals A$525 million (before costs) via an ASX institutional placement and a TSX bought deal private placement.
  • ASX Placement and SPP shares priced at A$7.80 per share, representing a 10.3% discount to the last closing price of A$8.70 on 11 November 2026.
  • Approximately 60.7 million shares will be issued under the ASX Placement; 6,561,679 shares will be issued under the TSX Bought Deal at C$7.62 per share.
  • Eligible Shareholders with registered addresses in Australia or New Zealand may apply for up to A$30,000 worth of new shares under the non-underwritten SPP, with the SPP offer booklet expected to be released on or around 23 November 2026.
  • Net proceeds will fund the PLS Project's CY2027 and CY2028 capital works program, potential Triple R mine life extension, Athabasca Basin exploration, and repayment of existing debt.

ASX Placement and TSX Bought Deal Terms

The ASX Placement will issue approximately 60.7 million new fully paid ordinary shares at A$7.80 per share, raising approximately A$474 million (before costs). No shareholder approval is required, as the shares will be issued under the company's available placement capacity under ASX Listing Rule 7.1. The TSX Bought Deal involves the issue of 6,561,679 shares at C$7.62 per share to raise gross proceeds of C$50 million, underwritten by RBC Capital Markets and National Bank of Canada Capital Markets as co-lead underwriters and joint bookrunners. Shares under both tranches will rank pari passu with existing fully paid ordinary shares in Paladin.

Share Purchase Plan for Eligible Shareholders

Paladin intends to invite Eligible Shareholders — those holding Paladin shares as at 7:00pm (Sydney time) on 11 November 2026 with registered addresses in Australia or New Zealand and who are outside the United States — to participate in a non-underwritten Share Purchase Plan. Each Eligible Shareholder may apply for up to A$30,000 worth of new shares at the offer price of A$7.80, without incurring brokerage or transaction costs. The SPP is targeted to raise up to A$50 million (before costs). Paladin reserves the right to scale back applications if demand exceeds A$50 million, raise a higher amount, or close the SPP early. The SPP offer booklet is expected to be released on or around 23 November 2026.

Use of Proceeds and Appointed Advisers

Equity raising net proceeds will be directed toward the PLS Project's planning and execution of the CY2027 and CY2028 capital works program and early mobilisation, procurement and site readiness activities; potential Triple R mine life extension and resource growth; acceleration of Athabasca Basin region exploration including follow-up drilling at Atlas and Saloon East; and repayment of existing debt to support the advancement of a funding solution for the PLS Project. Macquarie Capital, Canaccord Genuity, and RBC Capital Markets are acting as Joint Lead Managers, Joint Underwriters and Joint Bookrunners to the ASX Placement, with Shaw and Partners as Co-Manager. Corrs Chambers Westgarth is acting as Australian legal adviser and Fasken Martineau DuMoulin LLP as Canadian legal adviser.