SOURCE: Paladin Energy Ltd

Paladin Energy Ltd

March 09, 2017 02:23 ET

CNNC Purports to Exercise Langer Heinrich Call Option

PERTH, WESTERN AUSTRALIA--(Marketwired - March 09, 2017) - Paladin Energy Limited (Paladin or the Company) (ASX: PDN) (TSX: PDN) refers to its previous announcements regarding its Restructure Proposal and a potential option in favour of CNNC Overseas Uranium Holdings Ltd (CNNC) which, if exercised, could entitle CNNC to acquire Paladin's interest in the Langer Heinrich Mine (LHM) in certain solvency-related scenarios (the Potential CNNC Option).

Paladin advises that it has received notice from CNNC requesting that Paladin commences a process to determine the fair market value of Paladin's share of LHM (being 75% of the issued share capital of Langer Heinrich Mauritius Holdings Limited, the holding company of the owner of LHM). The fair value determination process would be the first step in a process that may lead to exercise of the Potential CNNC Option if in fact the option validly exists.

Paladin will provide its stakeholders with material updates as soon as it is in a position to do so.

Yours faithfully,

Paladin Energy Ltd

ALEXANDER MOLYNEUX, CEO

PALADIN ENERGY LTD ACN 061 681 098

Contact Information

  • For additional information, please contact:

    Andrew Mirco
    Investor Relations Contact (Perth)
    Tel: +61-8-9423-8162 or Mobile: +61-409-087-171
    Email: andrew.mirco@paladinenergy.com.au