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Detour Gold raises $428 M for gold project

Detour Gold announced it has completed its bought deal financing worth $428 million for its northeastern Ontario gold project. The Toronto miner plans to use the funds to complete its $1.3 billion construction of the Detour Lake gold mine.
Northern Ontario Business Staff

Detour Gold announced it has completed its bought deal financing worth $428 million for its northeastern Ontario gold project.

The Toronto miner plans to use the funds to complete its $1.3 billion construction of the Detour Lake gold mine. As of June 30, the company had committed $815.3 million for capital spending on the project from cash on hand and financing through Caterpillar.

The underwriters, led by BMO Capital Markets and TD Securities, purchased 14,375,000 common shares.

The open pit operation is 185 kilometres northeast of Cochrane. Detour will employ 500 people when it begins production in 2013.