Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the
"Company") is pleased to announce that it has closed its previously
announced bought deal offering of 4,000,000 common shares at a price of
$12.10 per common share, raising aggregate gross proceeds of
$48,400,000.
The underwriting syndicate for the offering was led by Raymond James
Ltd. and BMO Nesbitt Burns Inc. and included TD Securities Inc.,
Wellington West Capital Markets Inc., Haywood Securities Inc. and
Macquarie Capital Markets Canada Ltd.
The Company intends to use the net proceeds of the offering to advance
its Detour Lake gold project and for general corporate purposes.
About Detour Gold
Detour Gold is a Canadian gold exploration and development company whose
focus is to advance the development of its Detour Lake gold project
located in northeastern Ontario. Detour Gold is expected to complete a
pre-feasibility study during the third quarter of 2009 followed by a
feasibility study in the first quarter of 2010.
For further information, please visit Detour Gold's website at www.detourgold.com,
email info@detourgold.com
or contact:
Gerald Panneton, President and CEO
Tel: (416) 304.0800
Laurie Gaborit, Director Investor Relations
Tel: (416) 304.0581
Detour Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street,
Suite 2040, Toronto, Ontario M5J 2J1
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 Detour Gold's intent to
use the net proceeds of the offering to advance the Detour Lake gold
project towards the development stage, including the completion of a
pre-feasibility study and feasibility study. 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 Business -- Risk Factors" in Detour
Gold's 2008 annual information form. 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
availability of financing for exploration and development activities;
the estimated timeline for the development of the Detour Lake gold
project; the supply and demand for, and the level and volatility of the
price of gold; the accuracy of resource estimates and the assumptions on
which the resource estimates are based; market competition; ongoing
relations with employees and local communities; and general business and
economic conditions. Accordingly, readers should not place undue
reliance on forward-looking 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.
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.
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