News: Paladin Energy increases stake in NGM

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Uranium miner Paladin Energy Ltd (ASX:PDN) is a step closer to acquiring NGM Resources Ltd (ASX:NGM) as part of a proposed $27 million takeover.

Paladin has announced that it has increased its stake in the mineral exploration company from 22.48 per cent to 33.57 per cent.

Last week NGM Resources released a target's statement unanimously recommending shareholders accept Paladin offer of one of its new fully paid ordinary shares for every 23.9 NGM shares held.

Adding, that Paladin is a larger and more diversified company and has greater financial capacity to fund future growth.

For the year to 30 June 2010, Paladin Energy reported a loss of $63.12 million.