PDN’s long-term goal is to establish itself as a uranium producer through identifying, acquiring and evaluating advanced uranium projects.
Today, PDN completed a $68.2 million institutional placement, priced at $1.20 per share. This represents an 8.4% discount to its last closing price.
The group said the raising, combined with future operating cash flow and asset sales, will give it the financial flexibility to achieve its objectives.
The stock has been smashed after coming out of trading halt, and it has so far been the worst performer in the Australian share market.