Paladin Energy (PDN) Receives First $50M of Long Term Off-Take Contract With $200M Prepayment

October 2, 2012 7:54 AM EDT
Paladin Energy Ltd. (ASX: PDN) on 15 August 2012, the Company advised the successful negotiation of a milestone long term off-take uranium sales contract with a US$200M prepayment to be paid in tranches before 31 January 2013.

In this regard, Paladin announce that in accordance with the payment schedule agreed with the major utility involved, the first tranche of US$50M was received on 28 September. The remaining amount of US$150M is scheduled to be received in a second and final tranche by 31 January 2013.

As advised previously these funds will be used to repay the balance of the March 2012 convertible bonds (US$134M) with remainder retained for balance sheet strength as working capital.

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