Detour Gold announced it has completed its previously announced public offering of 12,650,000 common shares raising gross proceeds of C$161,920,000. The underwriters, led by BMO Capital Markets, purchased all of the 1,650,000 common shares available for issuance pursuant to the exercise of their over-allotment option, in addition to the 11,000,000 common shares that the underwriters initially agreed to purchase.

The company said it intends to use the net proceeds of the offering of approximately $124 million at current exchange rates to repay its outstanding indebtedness under both its senior secured revolving credit facility ($30 million) and its mobile fleet finance lease with Caterpillar Financial Services ($94 million).

Detour Gold is a mid-tier gold producer in Canada that holds a 100% interest in the Detour Lake mine, a long life large scale open pit operation.