| By Marketwire . |
Article Rating: |
|
| January 31, 2013 08:16 AM EST |
|
|
PERTH, WESTERN AUSTRALIA -- (Marketwire) -- 01/31/13 -- 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.
ACN 061 681 098
Copyright © 2009 Marketwire. All rights reserved. All the news releases provided by Market Wire are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.
