Detour Gold To Access Cash From Bought-Deal Financing Before Production Starts

The Financial Post reported that Detour Gold Corp will receive the proceeds of its latest bought-deal financing, the sale of four million shares at $26.50 each,  before its new mine in Northeastern Ontario  starts operations early next year. This mine is being promoted as the largest in the country.

As quoted in the market report:

In all, the company, scheduled to open the TSX for trading on Monday, has raised $1.626-billion of equity and has placed US$500-million of convertible debentures. Its largest shareholder is Paulson & Co. The U.S. hedge fund has been a shareholder since 2009. The fund also bought half of the convertible notes that were issued in late 2010. Those notes that have a seven-year term come with a 5.50% coupon.

To view the whole Financial Post report, click here.