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Allied Gold Completes A$93.8 Million Placement
Published : April 05, 2011

- Proceeds to Retire Debt, Improve Simberi (PNG) Operational Efficiency, Expand Simberi Production and Working Capital

- A$93.8 Million / GBP 60.1 Million Placement to Institutional and Sophisticated Investors

- The Placement Shares Represent 15% of Current Issued Share Capital

- New Shares Issued at A$0.60 / 38.5p Per Share

- Allied to Advance LSE Main Market Listing

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TORONTO, ONTARIO--(Marketwire - April 5, 2011) -

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY JURISDICTION IN WHICH SUCH PUBLICATION RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL

Allied Gold Limited (TSX:ALG)(News - Market indicators)(AIM:AGLD) ("Allied Gold" or the "Company") has successfully completed the book build for a placement of new ordinary shares ("Shares") to institutional and sophisticated investors, raising gross proceeds of approximately A$93.8 million (£60.3 million) (the "Placement").

The Shares under the Placement will be issued at a price of A$0.60 (or 38.5p) per share ("Issue Price"), which represents a discount of:

  • 5.5% to Allied Gold's last closing share price on the ASX of A$0.635; and

  • 4.8% to Allied Gold's 5 day volume weighted average share price on the ASX of A$0.630.

Under the Placement Allied Gold will issue approximately 156.3 million Shares with admission of the Shares on AIM expected to be Monday 11 April 2011 and admission of shares on ASX expected to be on Tuesday 12 April 2011. 

Application has been made to the London Stock Exchange for the Shares to be admitted to trading on AIM. The Placement is also subject to receipt of approval from the Toronto Stock Exchange ("TSX").

The Shares, when issued, will rank pari passu with existing ordinary shares of the Company. Immediately following the admission of the Shares, Allied Gold will have approximately 1,199 million ordinary shares on issue.

RBC Capital Markets is acting as Global Lead Manager and Sole Bookrunner on the Placement, Casimir Capital L.P. is acting as Joint Lead Manager and Mirabaud Securities LLP, Oriel Securities Limited and Wilson HTM are acting as Co-Managers on the Placement.

USE OF FUNDS

Allied Gold intends to use the net proceeds from the Placement to:

  • Retire approximately A$50.0 million (£32.1 million) of existing debt facilities, thus strengthening Allied Gold's balance sheet;
  • At Simberi, replace diesel fuel electricity generation with heavy fuel oil at a cost of approximately A$15.0 million (£9.6 million), to reduce Simberi's electricity generation costs by approximately 25 per cent;
  • Provide the balance of funding required to expand the Simberi gold mine ("Simberi") in Papua New Guinea (PNG) from 2.4Mtpa to 3.5Mtpa, to lift gold production from 70,000 ozpa to 100,000 ozpa; and
  • Provide working capital for exploration and other corporate purposes.

INTENTION TO MOVE TO THE MAIN MARKET OF THE LONDON STOCK EXCHANGE

Allied Gold intends to apply for admission of its ordinary share capital to the Official List of the UK Listing Authority (the "Official List") and for a Premium Listing on the London Stock Exchange's ("LSE") Main Market for listed securities. 

The Company has been examining the merits of moving to the Main Market for some time and believes it can assist the Company with its profile, the liquidity of its shares, and an increased potential investor base.

Such a move will be subject to shareholder approval. Shareholders will be kept fully informed of this process as it progresses and as the timetable is confirmed.

RBC Capital Markets has been appointed as sponsor in relation to the move to the Main Market of the LSE.

COMMENTARY

Mark Caruso, Executive Chairman of Allied Gold, commented: "The Placement was extremely well supported with investor demand exceeding supply. It allows the Company to accelerate both its production expansion and cost reduction initiatives at Simberi. Allied is already hedge free and the Placement will further enhance the Company's financial position by retiring inefficient debt arrangements. We also look forward to progressing the Main Market listing on the LSE, which we see as an important next step in the Company's maturity."

The Company will have in issued 1,198,537,554 ordinary shares following admission of Shares to trading on AIM and ASX 



Allied Gold
Australia
Simon Jemison
Investor and Media
+ 61-418-853-922
or
Allied Gold
Canada
Rebecca Greco
Investor Relations
+1 416-839-8610
or
Allied Gold
London
David Simonson
C/. MerlinPR
+44 (0) 20 7736 8400
or
Beaumont Cornish Limited (NOMAD)
Roland Cornish
+44 (0) 207 628 3396
Data and Statistics for these countries : Australia | Canada | Guinea | New Guinea | Papua New Guinea | All
Gold and Silver Prices for these countries : Australia | Canada | Guinea | New Guinea | Papua New Guinea | All

Allied Gold Ltd.

PRODUCER
CODE : ALD.AX
ISIN : AU000000ALD4
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Allied Gold is a gold development stage company based in Australia.

Allied Gold produces gold, copper in Papua New Guinea, and holds various exploration projects in Australia and in Papua New Guinea.

Its main assets in production are SIMBERI MINING JV and JOHNSON CAMP (COPPER CHIEF / BURRO) in Papua New Guinea and its main exploration properties are MT DROMEDARY JV and MONAKOFF in Australia and TABAR ISLANDS in Papua New Guinea.

Allied Gold is listed in Australia. Its market capitalisation is AU$ 35.4 billions as of today (US$ 25.6 billions, € 22.4 billions).

Its stock quote reached its lowest recent point on December 12, 2003 at AU$ 0.14, and its highest recent level on May 17, 2022 at AU$ 33.99.

Allied Gold has 1 042 206 569 shares outstanding.

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In the News and Medias of Allied Gold Ltd.
4/11/2006Broker report
Financings of Allied Gold Ltd.
4/7/2011Completes A$93.8 Million Placement
Nominations of Allied Gold Ltd.
8/4/2011Mining PLC: Appointment of Joint Broker
6/13/2011: Executive Management Changes
1/8/2008 Appoints CEO as PNG mine readies for start
9/28/2007(Simberi Mining Jv) appoints PNG gold mine open pit operator
Project news of Allied Gold Ltd.
10/3/2011Mining PLC: Production Update
4/1/2011(Simberi Mining Jv): Simberi (PNG) Update-Plan to Recommence Production Later T...
4/24/2008(Simberi Mining Jv)SIMBERI GOLD EXPLORATION UPDATE
Corporate news of Allied Gold Ltd.
8/14/2012Results of Shareholder Meetings
8/2/2012St Barbara / Allied Gold: FIRB Approval Received
7/18/2012Posting of Scheme Document
7/11/2012NOTICE TO SHAREHOLDERS
6/29/2012Recommended Offer for St Barbara Limited
6/20/2012Results of Annual General Meeting
5/31/2012Mining Announces Board Member Update
4/30/2012Activities Report for March Quarter (Q1) 2012
3/7/2012announces ASX Appendix 4E Correction
3/2/2012Notification of Major interest in Shares
2/6/2012Mining announces Simberi Support
2/6/2012Mining announces Simberi Support
1/24/2012Activities report for December quarter 2011
1/5/2012December 2011 Quarter Update
10/25/2011Mining PLC: Simberi Update
10/7/2011Mining PLC - Block Listing Application
9/9/2011Mining - FTSE Indices
8/31/2011Mining PLC: Exploration Update
8/24/2011Mining PLC: Proposed PNG legislation not expected to impact ...
8/15/2011MD&A FOR QUARTER AND HALF YEAR ENDED 30 JUNE 2011
7/11/2011Mining PLC: Voting Rights and Capital
6/30/2011Mining Plc: Completion of Schemes and Commencement of Dealin...
6/17/2011: Publication of Prospectus in Connection With Proposed Move...
6/6/2011: Notification of Approval of Shareholder and Optionholder S...
5/31/2011: Notification of Cancellation of Admission to Trading on AI...
5/10/2011: Scheme of Arrangement-Notice of Shareholder Meetings
5/5/2011: Scheme of Arrangement-Court Orders Convening of Scheme Mee...
4/20/2011: UK Main Market Listing and Scheme of Arrangement
3/23/2011Holds Official Re-Opening Ceremony at Gold Ridge Gold Mine
3/6/2011: Simberi (PNG) Gold Production March Quarter Guidance
2/28/2011: Gold Production Imminent Commissioning Begins-Gold Ridge, ...
3/19/2008announces promising early production in PNG
8/2/2007Major hedge coup for Allied Gold
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