looks like a pdn and bmn marriage to me

I can't see PDN buying any other company but this one, particularly the ref to 'another African Uranium co'

And $400+ mill sounds about right ....


Paladin may go shopping with $437m war chest
September 9, 2009 - 4:20PM

Uranium miner Paladin Energy has signalled an equity raising of as much as $437 million, which could be used for acquisitions, analysts say.

The Perth-based company said today it wanted to place new shares with institutional investors, and the funds raised would provide the capacity to advance merger and acquisition activity and growth.

The placement is expected to be up for 15 per cent of Paladin's issued shares.

Shares in the company last traded on Tuesday in Australia at $4.90

The price and terms of the offer will be determined after an overnight marketing push offshore, to be undertaken by global joint lead manager RBC Capital Markets and UBS and three co-managers.

Paladin is also listed on the Toronto Stock Exchange.

The company said in the announcement to the Australian stock exchange that the funds raised would also help progress works at its Langer Heinrich Uranium Mine in Namibia as well as expand exploration programs in Australia and enhance the company's balance sheet.

Fat Prophets head of mining research Gavin Wendt said the capital raising was expected to raise between $413 million and $437 million, if fully subscribed.

''Most companies that have raised big licks of money have been knocked over in the rush, so I don't see any reason that Paladin won't be,'' Mr Wendt said.

''It looks as though they are on the acquisition trail,'' he said.

Mr Wendt said he thought Paladin would consider buying an African uranium company, perhaps one based in Namibia near its existing operation.

Independent mining analyst Peter Strachan said Paladin was trying to tap the market for extra funds while uranium prices were buoyant.

''The market will probably find it a little bit disappointing that they have to come back to the trough again given that they do have their Langer Heinrich project up and running,'' Mr Strachan said.

Paladin went into a trading halt ahead of the announcement and are expected to resume trading when markets reopen tomorrow.

AAP