23rd Feb 2009 07:59
For immediate release 23 February 2009
ALLIED GOLD LIMITED
("ALLIED" OR "THE COMPANY")
Proposed Issue of Securities
The Company requested a trading halt of its securities on the Australian Stock Exchange today pending the release of an announcement regarding a proposed capital raising of up to $30.75 million dollars via the issue of up to 61.5 million fully paid ordinary shares at $0.50 each.
The proceeds of the proposed placing will be used to fund the initiatives as discussed in the December 2008 quarter activities report, namely:
Retire the original Simberi Oxide project financing debt facility.
Accelerate the feasibility study relating to the Simberi Island sulphide expansion initiative being considered by Allied Gold.
Continue to accelerate the drilling program relating to the sulphide expansion feasibility as well as other existing oxide exploration programs with the purchase of additional drilling rig and equipment .
Commence a number of capital initiatives designed to optimise the oxide gold production process with the aim of increasing the rate of production and reducing the operating costs of the plant.
Further details of the proposed capital raising will be released in the coming days.
For more information:
|
Mark Caruso Executive Chairman |
T:+61 7 93252 5911 |
|
Roland Cornish Beaumont Cornish Limited |
T: +44 (0) 20 7628 3396 |
Related Shares:
ALD.L