PERTH, Western Australia, Sept. 8 /CNW/ -- Paladin Energy Ltd (ASX Code: PDN; TSX Code: PDN) ("Paladin") today announced that it intends to undertake an institutional private placement of ordinary shares. The placement is expected to be for up to 15% of Paladin's issued capital.

The price and terms of the offering will be determined by Paladin after an overnight marketing effort to be undertaken by RBC Capital Markets and UBS AG, Australia Branch, acting as Global Joint Lead Placing Agents and Cormark Securities Inc., Dundee Securities Corporation and GMP Securities L.P. as Co-Managers to the placement. The placement will be made pursuant to exemptions from registration and prospectus requirements under applicable securities laws and is subject to receipt of all applicable regulatory approvals, including approval of the Toronto Stock Exchange.

Paladin intends to use the funds raised to:

-   provide Paladin with the financial capacity to advance M&A and
inorganic growth opportunities;
-   progress the Langer Heinrich Stage 3 project (recently approved by
the Board);
-   expand exploration and pre-development programs in Australia; and
-   enhance Paladin's balance sheet flexibility to ensure Paladin remains
well placed to take advantage of other international nuclear industry
opportunities as they arise.

About Paladin Energy Ltd

Paladin is listed on the Australian Securities Exchange, the Toronto Stock Exchange and the Namibian Stock Exchange under the symbol "PDN". Paladin is a uranium production company with two operating mines in Africa, projects in Australia and a strategy to become a major uranium mining house. Since 1998, during a period of sustained downturn in global uranium markets, Paladin has accumulated a quality portfolio of advanced uranium projects each having production potential.

The Langer Heinrich Uranium Mine in Namibia is now operational with a targeted annual production of 5.2Mlb U(3)O8 and a mine life maintainable at approximately 20 years. The Kayelekera Uranium Mine in Malawi was officially opened in April 2009 and has been commissioned with the plant showing capability to operate throughout its flowsheet with yellowcake produced during this phase. The 3.3Mlb pa project is currently in its production ramp-up phase. Paladin recently announced the first drawdown under the Kayelekera Project Financing Loan.

This private placement is subject to a trading halt in Australia which will remain in place until the markets resume trading on the ASX on Thursday, September 10, 2009.