Paladin crashes on discounted placement, mine non-sale

Uranium production company falls after issuing shares at a 30% discount to its share price, the non-sale of its stake in a uranium mine and downgrades from six brokers.

Paladin Energy (PDN) has plunged the most in 13 years after selling shares in a heavily discounted placement and ending talks to sell its minority stake in a uranium mine.

Paladin slumped by 28% to 72 cents in morning trade, just above the 70 cents a share placement announced on Friday that raised $88 million at a 30% discount to the company's stock.

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