Allied Gold to raise $158m

Subiaco-based Allied Gold has revealed plans to raise up to $C155 million ($A158 million), its second major capital raising for the calendar year.

The gold outfit said it expects to use the bulk of the capital - about $C110 million - from the raising for its Gold Ridge project on the Solomon Islands.

The project is soon to be included in Allied Gold's suite of projects once its acquisition of Toronto-listed Australian Solomons Gold is complete.

Currently Allied Gold holds 49.77 per cent of ASG on an undiluted basis.

Allied Gold today said it had filed a preliminary prospectus for the capital raising in Canada, with the raising to be conducted by a syndicate of agents led by Thomas Weisel Partners Canada.

The company will also list on the Toronto Stock Exchange today.

Earlier this year, Allied Gold raised $30.75 million in an oversubscribed placement.

Shares in Allied Gold today dipped 1.5 cents to 39.5c at 12:44 AEDT.