Detour Gold finds funds for Detour Lake
- Publishing Date
- 26 Jan 2012 12:16pm GMT
- Author
- Mining Journal
Detour Gold Corp (DG) has announced the raising of C$240.8 million (US$240.5 million) through a bought deal with a syndicate of underwriters. The company said the funds would be used to develop its Detour Lake gold project.
Under the agreement, a syndicate of underwriters, including BMO Capital Markets and CIBC, have agreed to purchase 8.6 million shares in DG at a price of C$28.00/share. The deal also gives the syndicate a 30-day option over an additional 1.3 million shares, potentially raising a further C$36.1 million.
DG said it would use the proceeds to finance a C$1.45 billion construction programme at the Detour Lake project, as well as further exploration and economic surveys of the project area.
Detour Lake, in northwest Ontario, is among Canada’s largest gold projects, holding proven and probable open-pit reserves representing 11.4Moz of gold.
The offering is due to close on February 14.
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