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Detour Gold Re-Purchases $60 Million of Convertible Notes

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Detour Gold Re-Purchases $60 Million of Convertible Notes

 

 

 

 

 

Detour Gold Corporation (TSX:DGC) is pleased to report that it has repurchased $60 million of convertible notes for an aggregate purchase price (including principal and premium) of $62.1 million, plus accrued and unpaid interest of $0.7 million. All amounts are in U.S. dollars.

 

 

The Company has, year-to-date, re-purchased $142 million in face value of convertible notes, reducing the amount due at maturity in November 2017 to $358 million. The convertible notes were sold in December 2010 to finance the development of the Detour Lake gold mine in northeastern Ontario.

 

 

As the Company’s financial position continues to strengthen, we have taken this opportunity to further reduce debt levels from existing cash balances. With continued confidence in the gold price, we expect to re-finance less than $300 million of Notes at maturity,” said James Mavor, Chief Financial Officer.

 

 

About Detour Gold

 

 

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

 

Posted August 22, 2016

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