Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
Detour Gold Announces C$106 Million Bought Deal Offering
Published : November 20, 2012
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Detour Gold Corporation (News - Market indicators) ("Detour Gold" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets, under which the underwriters have agreed to buy 4,000,000 common shares of the Company ("Common Shares") at a price of C$26.50 per Common Share, representing aggregate gross proceeds of C$106,000,000. In addition, the underwriters will also have an over-allotment option exercisable at any time until 30 days following the closing of the offering to increase the size of this offering by up to an additional 600,000 Common Shares for additional gross proceeds of up to C$15,900,000. The Company intends to use the net proceeds of the offering for working capital during the ramp-up of the Detour Lake Mine and for general corporate purposes.

As at October 31, construction of the Detour Lake Project was 95% complete and gold production is expected to commence in January 2013, ahead of the original schedule.

Closing of this offering is expected to be on or about December 11, 2012 and is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals (including the approval of the Toronto Stock Exchange).

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Detour Gold

Detour Gold is an emerging mid-tier gold producer in Canada. Its development project, Detour Lake, is scheduled to start gold production in January 2013. 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. Detour Gold's shares trade on the Toronto Stock Exchange under the trading symbol DGC.

Forward-Looking Information

This press release contains certain forward-looking information as defined in applicable securities laws (referred to herein as "forward-looking statements"). Specifically, this press release contains forward-looking statements regarding completion of this offering; the expected start of gold production in January 2013 and producing an average of 657,000 ounces of gold annually for a period of 21.5 years. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Detour Gold's ability to predict or control and may cause Detour Gold's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, gold price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the gold exploration and development industry, as well as those risk factors discussed in the section entitled "Description of the Business - Risk Factors" in Detour Gold's 2011 annual information form and in the continuous disclosure documents filed by Detour Gold on and available on SEDAR at www.sedar.com.

Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the following: the supply and demand for gold, and the level and volatility of the price of gold; the availability of financing for exploration and development activities; the estimated timeline for the development of the Detour Lake gold project; the expected mine life; anticipated gold production; gold recovery; the development schedule; cash operating costs and other costs; the financial analysis for the project; capital costs; sensitivity to metal prices and other sensitivities; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; and general business and economic conditions. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date hereof, or such other date or dates specified in such statements. Detour Gold undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.



Detour Gold Corporation
Gerald Panneton
President and CEO
(416) 304.0800
or
Detour Gold Corporation
Laurie Gaborit
Director Investor Relations
(416) 304.0581
Companies Mentionned : Detour Gold | Reliance |
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Detour Gold Corporation

DEVELOPMENT STAGE
CODE : DGC.TO
ISIN : CA2506691088
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy
Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Detour Gold Corporation
5/21/2014Detour Gold beginning to perform, but will it stay independe...
5/14/2014Paulson-backed Detour Gold plots supersizing mine
2/19/2014Hard-hit Detour Gold to raise C$150 million in bought deal
1/22/2014Detour Gold ends frustrating year with glimmer of better gra...
3/14/2013Detour Gold debt deal provides cash cushion - analyst
3/8/2013Detour Gold shuns M&A to avoid Barrick plight
12/17/2010Detour Gold gets green light for Detour Lake gold mine power...
9/17/2010Detour Gold to spend C$125 on mining support equipment, haul...
5/3/2010Detour Gold orders SAG mills, ball mills and crusher from FL...
Financings of Detour Gold Corporation
5/30/2012Initiates Consent Solicitation With Respect to 5.50% Senior ...
2/7/2012Closes Caterpillar Financing
12/13/2011Announces Flow-Through Financing
6/29/2010To raise C$252 mln in bought deal
Nominations of Detour Gold Corporation
2/18/2014Detour Gold Announces Appointment of CEO and CFO
3/9/2013Detour Gold Announces Appointment of Pierre Beaudoin as Chie...
3/13/2008Appoints Michael Kenyon to its Board
Financials of Detour Gold Corporation
1/21/2014Detour Gold Reports Fourth Quarter 2013 Operating Results
11/8/2013Detour Gold Reports Third Quarter Financial Results
5/9/2013Detour Gold to File Financial Results for the First Quarter ...
Project news of Detour Gold Corporation
2/4/2014Detour Gold Updates Life of Mine Plan for Detour Lake
2/3/2014Detour Gold to Announce Updated Life of Mine Plan for the De...
1/27/2014Detour Gold Provides 2014 Guidance and Secures Long-Term Pow...
1/2/2014Detour Gold Resumes Milling Operations at the Detour Lake Mi...
12/23/2013Detour Gold Reports an Unplanned Mill Shutdown Due to Pre-Le...
8/14/2013Achieves Commercial Production at Detour Lake
2/19/2013Detour Gold Pours First Gold Bars at Detour Lake Mine
2/12/2013commences winter work program at Conquest's (TSXV : CQR) Sun...
2/11/2013Detour Gold Announces Start of Production at Detour Lake
11/9/2012Detour Gold Starts Mill Commissioning and Reaches 95% Constr...
3/15/2011(Detour Lake (sunday Lake))Reports Final Drill Results From Its 2010 Drilling Program a...
3/7/2011(Detour Lake (sunday Lake)) Detour Gold commences drilling program at Conquest's Sunday...
2/16/2011(Block A)Not in Position to Comment on NI 43-101 Technical Report Fil...
2/3/2011(Detour Lake (sunday Lake))Announces US$105 Million Financing for Mining Fleet
1/31/2011(Detour Lake (sunday Lake))Updates Reserves to 14.9 Million Ounces at Detour Lake
12/7/2010(Detour Lake (sunday Lake))Reports More Positive Results From Its 2010 Drilling Program...
12/2/2010(Detour Lake (sunday Lake))and Metis Nation of Ontario Sign Memorandum of Understanding
11/25/2010(Detour Lake (sunday Lake))and Taykwa Tagamou Nation Sign Impact Benefit Agreement for ...
5/26/2010(Detour Lake (sunday Lake))Feasibility study says Detour Lake could become Canada's 2nd...
11/12/2008(Detour Lake (sunday Lake))PDX RESOURCES ADVISED BY DETOUR GOLD OF ADDITIONAL DRILL RES...
3/12/2008(Detour Lake (sunday Lake))Reports More Results from 2007 Phase II Drilling at its Deto...
1/11/2008Starts 2008 Drilling Program and Announces the Lead Manager ...
Corporate news of Detour Gold Corporation
11/25/2013Detour Gold Announces Management Changes
10/29/2013Provides Notice of Release of Third Quarter 2013 Financial R...
10/9/2013Detour Gold Reports Third Quarter Production Results
9/23/2013webcast presentation today
9/9/2013Detour Gold Reports Drill Results on Detour Lake Property 17...
7/9/2013Detour Gold Reports Second Quarter Production Results
6/11/2013Completes C$176 Million Bought Deal Offering
5/10/2013Detour Gold Announces Results from Annual and Special Meetin...
5/2/20132013 Annual and Special Meeting Invite
4/9/2013Detour Gold Reports First Quarter Production Results
3/19/2013Detour Gold Announces Annual and Special Meeting, Record Dat...
3/12/2013Detour Gold Closes $135 Million Senior Secured Credit Facili...
1/24/2013webcast presentation tomorrow
1/10/2013Announces Partial Exercise of Over-Allotment Option
12/11/2012Completes C$106 Million Bought Deal Offering
12/4/2012Moneta Appoints Roger Aubertin of Detour Gold As Vice Presid...
11/20/2012Announces C$106 Million Bought Deal Offering
10/18/2012Detour Gold Files Technical Report on Updated Mine Productio...
9/4/2012Detour Gold Announces Updated Open Pit Mine Production Plan ...
8/30/2012to Announce Updated Mine Production Plan for the Detour Lake...
7/23/2012Announces Connection of the 230 kV Transmission Line and 75%...
7/16/2012Successfully Completes Consent Solicitation
4/24/2012Reaches 60% Construction Completion at Detour Lake
3/20/2012Reports Final Drill Results from Its 2011 Drilling Program a...
3/2/2012Join the Detour Gold Team! A Dynamic Career Awaits!
2/14/2012Completes C$277 Million Bought Deal Financing
1/17/2012Starts 2012 Drilling Program on Detour Lake Property
1/10/2012Reports Additional Drill Results from Its 2011 Drilling Prog...
12/22/2011Receives Federal Approval for Detour Lake Mine, in Ontario
12/1/2011Completes Acquisition of Trade Winds
11/22/2011Trade Winds Shareholders Approve Acquisition by Detour Gold
11/14/2011on Detour Lake Project Construction
9/26/2011to Consolidate Detour Lake Camp With Acquisition of Trade Wi...
8/16/2011Obtains US$40 Million Financing for Mining Fleet
8/4/2011Completes C$428 Million Bought Deal Financing
7/12/2011Holds Ground Breaking Ceremony for its New Regional Office i...
6/22/2011on Detour Lake Project Construction and Increased Exploratio...
5/3/2011Closes US$105 Million Financing for Mining Fleet
4/20/2011Reports First Drill Results from Its 2011 Drilling Program a...
1/25/2011and Moose Cree First Nation Execute and Sign Agreement for t...
12/30/2010Not in Position to Comment on Mineral Resource Announcement ...
6/11/2008Reports Wide Gold Intersections in the Calcite Zone of its D...
5/6/2008Reports Wide Gold Intersections from the Calcite Zone of it...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (DGC.TO)
9.00+3.33%
TORONTO
CA$ 9.00
12/18 16:22 0.290
3.33%
Prev close Open
8.71 9.02
Low High
8.69 9.29
Year l/h YTD var.
4.56 -  15.02 97.37%
52 week l/h 52 week var.
3.60 -  15.02 123.33%
Volume 1 month var.
1,689,217 -2.70%
24hGold TrendPower© : -37
Produces
Develops Gold
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 11/16/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
DateVariationHighLow
2014114.80%8.023.83
2013-82.68%9.6110.38
2012-3.82%29.8018.45
2011-13.84%39.6523.03
201063.26%33.4713.99
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.