| Paladin Energy: Final Tranche of US$150M Received |
Paladin Energy Ltd ("Paladin" or "the Company") (TSX:PDN)(ASX:PDN) notes that, on 15 August 2012, the Company advised the successful negotiation of a milestone long term off-take uranium sales contract with Electricite de France S.A. (EDF) the largest nuclear utility in the world. Importantly this sales contract requiring product deliveries from 2019 to 2024 included a US$200M prepayment component to be paid in tranches before 31 January 2013. The first tranche of US$50M was paid in September 2012.
Paladin is pleased to announce that, in accordance with the payment schedule agreed with EdF, the final tranche of US$150M has been received.
As advised previously, these funds will be used to repay the balance of the March 2012 convertible bonds (US$134M) with the remainder retained for balance sheet strength as working capital.