Allied abandons share placement with Ambrosia, NYSE listing progresses
Canada-headquartered Allied Gold has scrapped a planned private placement with UAE-based Ambrosia Investment Holding, citing unmet conditions and improved market dynamics that it says now support a higher valuation. The Toronto-based miner announced on Monday that it would not proceed with the previously disclosed equity deal, which would have seen Ambrosia invest at C$3.40 a share. With the price protection from the TSX set to lapse, Allied opted not to seek an extension. The decision follows a sharp increase in both the price of gold and Allied’s share price since the deal was first floated.
Canada-headquartered Allied Gold has scrapped a planned private placement with UAE-based Ambrosia Investment Holding, citing unmet conditions and improved market dynamics that it says now support a higher valuation.
The Toronto-based miner announced on Monday that it would not proceed with the previously disclosed equity deal, which would have seen Ambrosia invest at C$3.40 a share. With the price protection from the TSX set to lapse, Allied opted not to seek an extension. The decision follows a sharp increase in both the price of gold and Allied’s share price since the deal was first floated.
