Paladin Energy (ASX:PDN) successfully completed a fully underwritten AU$525 million equity raising, comprising a AU$499 million institutional placement of around 64 million shares at AU$7.80 each and a CA$25 million Canadian bought deal, according to a Friday filing with the Australian bourse.

The offer attracted strong demand from both new and existing investors, prompting an increase in the placement component, per the filing.

The company also intends to launch a non-underwritten share purchase plan of up to AU$50 million, offering eligible Australian and New Zealand shareholders the opportunity to buy shares at AU$7.80 each, subject to a AU$30,000 application cap per shareholder, the filing said.

The funds will be used to advance the Patterson Lake South Project, expand resources and potentially extend the mine life at Triple R, and support exploration across the Athabasca Basin, the filing added.

The company's shares fell around 14% in recent Friday trade.