Detour Gold raises cash through public offering

Detour Gold announced March 7 that it has raised more than $172.5 million through a public offering of common shares.

The company said it intends to use half of the net proceeds of the offering to repay debt and the remainder for sustaining capital requirements, debt servicing costs and for general corporate purposes and to improve working capital balances.

Detour Gold operates its flagship Detour Lake gold mine, north of Cochrane. The mine has proven and probable reserves of 15.5 million ounces of gold.