January 31, 2013 08:16 ET
Long Term Off-Take Contract With A US$200M Prepayment
PERTH, WESTERN AUSTRALIA--(Marketwire - Jan. 31, 2013) - 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 Électricité 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
Paladin Energy LtdJohn BorshoffManaging Director/CEO+61-8-9381-4366 or Mobile: +email@example.comPaladin Energy LtdGreg TaylorInvestor Relations Contact+1 905 337-7673 or Mobile: +1 416-605-5120 (Toronto)firstname.lastname@example.org
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