Detour Gold announced May 21 that it has entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets, in buying 17,500,000 common shares of the company in order to raise $153 million.
The offering closes June 11.
The company said the money is earmarked for working capital during the ramp-up of the Detour Lake mine near Cochrane in northeastern Ontario and for general corporate purposes.
The Detour Lake open pit mine is expected to produce an average of 657,000 ounces of gold annually over a period of 21.5 years.
