Allied Gold to raise $10m and list on AIM

Perth-based Allied Gold Ltd announced that it will be raising up to $10 million, from predominantly UK based investors, and listing on the Alternative Investment Market in London.

The company believes listing on AIM would provide future exposure to UK and European investors and enable wider appreciation of the value of their Simberi Oxide Gold Project located in the Tabar Islands of Papua New Guinea.

The funds will be used to commence pre-development earthworks and infrastructure associated with the Simberi Oxide Deposit, provide funds for upgrading the sulphide resources on Simberi to reserve status and continue with exploration and evaluation of identified mineralised targets on Simberi, Tatau and Big Tabar Islands.

The funds will also support the corporate and administrative activities of the company, provide working capital and meet the costs of the issue.