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

Precious Metals

The Finanical 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.

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.