Allied Gold secures agreement

USING its 15 per cent placement authority Allied Gold Limited has placed 7,580,000 shares at an issue price of $0.40 per share to DRDGOLD Limited. This share placement is subject to DRDGOLD receiving approval from the South African Reserve Bank in terms of the South African Currency and Exchanges Act (1933). The placement will raise funds of $3,032,000 and represents approximately 5 per cent of Allied’s shares on a fully diluted basis. An underwriting agreement has been entered into by DRDGOLD for 17,420,000 shares at an issue price of $0.40 per share for a capital raising to be undertaken by Allied. The commitment of DRDGOLD to the Agreement is subject to both Allied shareholder approval under ASX Listing Rule 7.1 and South African Reserve Bank approval. The funds will be used for preliminary project development infrastructure and earthworks and accelerated exploration programs. Solbec anti-cancer compound win SOLBEC Pharmaceuticals Limited has announced its lead anti-cancer compound Coramsine has received orphan drug designation from the US Food and Drug Administration. The compound is used for the treatment of metastatic renal cell carcinoma. Solbec’s strategy is to market Coramsine within three to five years.