Detour Gold Corporation DGC:CA announces that it has closed a $500-million private placement of 5.5% senior unsecured convertible notes. Half of the notes were purchased by a syndicate of underwriters led by BMO Capital Markets, the other half were purchased by Paulson & Co. Inc on behalf of the several investment funds and accounts managed by it. Detour intends to use the proceeds to finance the development of its wholly-owned Detour Lake Gold Project in northeastern Ontario.
President/CEO Gerald Panneton commented, “The closing of this private placement marks another significant milestone in the development of the Detour Lake project as we now have the majority of project funding in place. We are on track with procurement and detailed engineering and, with provincial approvals in hand, the construction of the Detour Lake mine is scheduled to start this month.”
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or Laurie Gaborit
Director, Investor Relations
by Ted Niles