Allied Nevada Gold Spikes On Rumor It Seeks Investment Partner

Allied Nevada Gold Corp.

spiked sharply on a rumor that it may sell a major stake to outside investors. In April, the company hired Credit Suisse and Scotia Capital to help it raise the estimated $1.32 it needs to expand its sole mine, called Hycroft Mill. A report Wednesday by The Wall Street Journal said Allied is now in talks to sell either a big stake in itself or in the mine. The report cited "people familiar with the matter." A company spokeswoman confirmed recent work with financial advisers to locate a partner for the expansion project. But she declined to comment on talks, the newspaper said. Allied, which had been up 6.7 percent earlier, traded recently at $3.77 or 1.07 percent above its opening price.