Allied Gold to raise C$175m for Sadiola, Kurmuk
TSX-listed Allied Gold Corporation has announced an overnight marketed offering of common shares of the company to be offered by way of a short form prospectus supplement to be filed in all of the provinces of Canada pursuant to the company’s base shelf prospectus dated October 1, 2024.
The offering is expected to be completed pursuant to an underwriting agreement to be entered into between the company and a syndicate of underwriters.
Allied Gold will offer 6.4-million shares at C$27.35 a share for total proceeds of C$175-million.
The company says it intends to use the net proceeds of the offering to fund its optimisation and growth initiatives, particularly to accelerate development of infrastructure for the next phase of expansion at its Sadiola mine, in Mali, which includes improvements in processing capacity and acceleration of the implementation of certain components of the recently announced energy programme.
The company further plans to use some of the net proceeds to modify the plant under development at Kurmuk, in Ethiopia, to increase average processing capacity for higher levels of production, as well as to begin the transition to owner mining at one or more of its operations and for general corporate purposes.
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