03:56 PM EDT, 10/02/2024 (MT Newswires) -- Allied Gold ( AAUCF ) said Wednesday afternoon it filed a preliminary short form prospectus supplement across Canada as part of its base shelf prospectus dated Oct. 1 for an overnight marketed public offering of common shares.

The offering will be conducted under an underwriting agreement with Canaccord Genuity ( CCORF ) as the lead underwriter. The size and price of the offering will be based on market conditions. The underwriters will get a 30-day option to buy up to an additional 15% of the shares, the company said.

Proceeds will be used to fund the company's growth efforts, including managing, improving, and expanding the Sadiola Mine, as well as covering costs related to the Kurmuk construction project.

The offering is set to close on Oct. 8, subject to certain regulatory conditions including approval from the Toronto Stock Exchange.

The company's shares were last seen up $0.16 to $3.50 on the Toronto Stock Exchange.

Price: 3.50, Change: +0.16, Percent Change: +4.79