Allied Gold completes $11m placement

Welshpool-based Allied Gold Ltd has completed a capital raising of nearly $11 million via a share placement to mostly institutional clients.

The company said about $10.5 million was raised through the issue of nearly 34 millions ordinary shares at 31 cents each, mostly made to clients of UK-based Mirabaud Securities Ltd.

Proceeds from the placement will be used to fund a number of initiatives including further development of its Simberi gold project in Papua New Guinea, exploration and retiring additional bank debt.