This raising by PDN is to develop the Kayelekera project near WMT's Tanzanian project.
Obviously commercial. Wouldn't be surprised to see our friends PDN on the register soon given they are in consolidation mode atm.
Paladin Resources Ltd (“Paladin”) wishes to announce that it has launched an offering to raise US$250 million of unsubordinated, unsecured convertible bonds (the “Convertible Bonds”) due 2011. Proceeds from the offering will be used to further advance the development of the Kayelekera Project in Malawi, establish a uranium marketing subsidiary, fund opportunities as they arise for acquisitions and corporate growth and for general corporate purposes. Paladin’s uranium marketing subsidiary will, amongst other things, establish its own uranium inventory to afford the Paladin Group flexibility and stability of ongoing supply, in a dynamic uranium market.
See http://www.paladinresources.com.au/aurora/assets/user_content/File/06.11.27_Paladin_to_Issue_US$250M_of_Convertible_Bonds.pdf.
WMT Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
