Paladin in private placing

PALADIN is to make a private placement of 43 million shares with Yeung Ming International Trading at a discount of 12.5 per cent to Monday's closing price of the company's shares of $1.04.

The new shares issued to the Zhejiang-registered company represent 10 per cent of Paladin's existing issued share capital.

Net proceeds of $39.1 million have been earmarked for redeveloping Paladin's properties at 10-12 Peak Road.