Allied Nevada completes $273 million offering

Allied Nevada Gold Corp. of Reno said last week it completed a trans-border offering of 13.5 million shares of its common stock.

The offering, priced at $21 (Canadian), raised the equivalent of $273 million in U.S. dollars.

Allied Nevada Gold plans to use the money to finance the first three years of accelerated mining at its Hycroft Mine, a gold property near Winnemucca.

The company has said it wants to triple production at the mine, bringing production to 300,000 ounces a year by 2014.

The mine, which had been closed for more than a decade, was brought back into operation by Allied Nevada in 2009. It's expected to produce 100,000 ounces of gold this year.

Allied Nevada also will use a portion of the proceeds of the new public offering for an exploration program.

Cormark Securities Inc. and GMP Securities L.P. were lead underwriters of the syndicate that sold the offering. Other underwriters include Canaccord Genuity Corp., Dundee Securities Corporation, Desjardins Securities Inc., National Bank Financial Inc. and Dahlman Rose & Company LLC.