Uranium producer Paladin Energy has raised A$419m through a share sale to fund acquisitions and expand its exploration activities in Australia.

The funds will also be used to further its Langer Heinrich Stage 3 project in Namibia and enhance Paladin’s balance sheet flexibility to ensure Paladin remains well placed to take advantage of other international nuclear industry opportunities as they arise, the company said.

The placement was priced at A$4.60 a share and it is expected they will be issued on 16 September, Paladin said.

Paladin managing director and CEO John Borshoff said that the proceeds will enable the company to advance its existing portfolio of uranium assets.

“Paladin believes that with its balance sheet strength and development expertise, the company is well placed to partner both junior uranium companies and downstream companies seeking to commercialise uranium projects,” Borshoff said.