Northvolt CEO steps down after bankruptcy filing
Peter Carlsson, co-founder and leader of Northvolt since 2016, will remain as advisor as he quit a day after the firm filed for bankruptcy.
PERTH, WESTERN AUSTRALIA–(Marketwire – Sept. 12, 2011) – Paladin Energy Ltd (“Paladin” or “the Company”) (TSX:PDN) (ASX:PDN)wishes to note that the Company’s Board of Directors advise that financial close has been reached under the Langer Heinrich Project Finance Facility (“Facility”), and Paladin has submitted a drawdown notice for US$127.2M.
Paladin has to date funded the Stage 3 expansion from existing cash reserves and as such, the majority of the funds will be used to reimburse Paladin. The undrawn portion of the Facility post drawdown (being US$7.8M) will be used to meet the remaining construction expenditure.
| The US$141M Facility consists of:- |
In accordance with the terms of the Facility, an equity cost overrun account is funded with a further US$6M.
The facilities are being provided by Société Générale (as Agent), Nedbank Capital, Standard Bank Plc, Barclays Capital (the investment banking division of Barclays Bank PLC) and Rand Merchant Bank, a division of FirstRand Bank Limited.
With the continued support of our existing Stage 1 financiers together with the addition of two new lenders, Paladin is confident the Stage 3 expansion at Langer Heinrich is on track with construction finalisation and commissioning to reach nameplate capacity in the 1st quarter of 2012. The Stage 3 expansion will increase production capacity from the current 3.7Mlb pa to 5.2Mlb pa.
