Alliance Aviation raising $121.9m

Alliance carries many FIFO mining workers.

Alliance Aviation is raising $121.9m through Ord Minnett.

Funds raised will be used to invest in growth initiatives, which Alliance anticipates to be predominantly in the form of the acquisition of additional aircraft, and to further strengthen its balance sheet.

It will raise $91.9m through a placement and $30m through a share purchase plan.

Shares are being sold at $2.95, a 4.8 per cent discount to the last closing price of $3.10.