Paladin Energy : Proposed issue of Securities - PDN

Proposed issue of securities

Announcement Summary

Entity name

PALADIN ENERGY LTD

Announcement Type

New announcement

Date of this announcement

Friday February 7, 2020

The Proposed issue is:

A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +Security Code	+Security Description	+securities to be issued
n/a	Performance Rights	14,000,000

Proposed +issue date

Friday February 7, 2020

Refer to next page for full details of the announcement

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Proposed issue of securities

Part 1 - Entity and announcement details

1.1 Name of +Entity

PALADIN ENERGY LTD

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2	Registered Number Type	Registration Number
ACN	061681098
1.3	ASX issuer code
PDN

1. The announcement is New announcement
2. Date of this announcement

Friday February 7, 2020

1.6 The Proposed issue is:

A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 - Are any of the following approvals required for the placement or other type of issue?

+Security holder approval

Court approval

Lodgement of court order with +ASIC

ACCC approval

FIRB approval

Another approval/condition external to the entity

Yes

7A.1a Conditions
Approval/Condition	Date for determination	Is the date estimated or	** Approval
+Security holder approval	Wednesday February 5,	actual?	received/condition met?
Actual
	2020	Yes
Comments

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)?

New class

Will the proposed issue of this +security include an offer of attaching +securities?

No

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1?

No

ASX +Security Code

New class-code to be confirmed

Will the entity be seeking quotation of the 'new' class of +securities on ASX?

No

+Security Description

Performance Rights

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+Security Type

Performance options/rights

Maximum Number of +securities proposed to be issued

14,000,000

Purpose of the issue

The Performance Rights are issued to the Directors of the Company as part of the Company's remuneration strategy for Non-Executive Directors, in lieu of a portion of cash remuneration. The Performance Rights are issued to the Directors in order to provide an equity based component to their respective remuneration packages.

Offer price details for retail security holders

In what currency is the cash consideration being paid?

What is the issue price per +security?

Will all the +securities issued in this class rank equally in all respects from their issue date?

Yes

Oversubscription & Scale back details

May a scale back be applied to this event?

No

Performance options/rights details
+Security Currency	Exercise Price	Expiry date
AUD - Australian Dollar	AUD 0.0000	Friday February 7, 2025

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option

PDN : ORDINARY FULLY PAID

Please provide any further information relating to the principal terms of the +securities

Performance Rights will vest in four equal tranches upon the applicable vesting condition relating to the volume weighted average price (VWAP) of shares being met as follows:

3,500,000 vesting when 5-day VWAP of shares is equal to or greater than $0.20 3,500,000 vesting when 5-day VWAP of shares is equal to or greater than $0.30 3,500,000 vesting when 5-day VWAP of shares is equal to or greater than $0.40 3,500,000 vesting when 5-day VWAP of shares is equal to or greater than $0.50

Each Performance right that vests will convert into one fully paid ordinary share. Any Performance Rights that have not vested five years after date of issue will lapse.

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Part 7C - Timetable

7C.1 Proposed +issue date

Friday February 7, 2020

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

Wednesday February 5, 2020

7D.2 Is a party referred to in listing rule 10.11.1 participating in the proposed issue? Yes

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

-

Part 7F - Further Information

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

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7F.2 Any other information the entity wishes to provide about the proposed issue

-

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