Thursday, October 8th16.8°C

Detour Gold confirms former CFO Paul Martin as new chief executive, director

TORONTO - Detour Gold Corp. (TSX:DGC) has confirmed its chief financial officer as the permanent replacement for Gerald Panneton, who resigned as president and chief executive in November.

Paul Martin had filled the job on an interim basis as the company searched for a new CEO just months after its mine in northeastern Ontario began commercial production in August.

With Martin becoming CEO and a director of the company, Detour said James Mavor will become chief financial officer. Mavor was vice-president of finance prior to being named interim CFO in November.

The company announced Tuesday that it has signed a deal to raise $150 million in an offering of shares.

Under the bought-deal agreement, the company said underwriters will buy 16.22 million shares at $9.25 per share.

The underwriters have also been granted an option for up to an additional 2.433 million shares under the same terms that, if fully exercised, could raise an additional $22.5 million.

Detour Gold's shares have been among the most heavily traded on the Toronto Stock Exchange since the management change was announced Nov. 25

The stock closed up three cents at $9.92 on the Toronto Stock Exchange on Tuesday and are up from $4.27 before the announcement of Panneton's departure.

Detour was hit in December by an unexpectedly long shutdown in at its Detour Lake open pit mine.

As a result, of the shutdown, the company produced 232,387 ounces last year, below the 240,000 ounces at the lower end of its guidance.

It subsequently issued guidance for 2014, its second year of production, which called for output to rise to between 450,000 and 500,000 ounces.

The company's latest estimate says the mine has an operating life of about 22 years.

It also announced a six-year, fixed-rate electricity contract with the Ontario Power Authority that will help lower Detour's estimated cash cost this year to between US$800 and US$900 per ounce of gold sold.

The Canadian Press

Read more Business News

Recent Trending

Today's Market
S&P TSX13978.66+110.31
S&P CDNX547.04+4.59
S&P 5002013.43+17.60
CDN Dollar0.7682+0.0031
Natural Gas2.487+0.013

Okanagan Companies
Pacific Safety0.23+0.01
QHR Technologies Inc1.23-0.02
Metalex Ventures0.05+0.00
Russel Metals21.55-1.57
Copper Mountain Mining0.61-0.02
Colorado Resources0.07-0.01
ReliaBrand Inc0.0166+0.0135
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.08-0.01
Decisive Dividend Corp3.11-0.10
Diamcor Mining0.94+0.06



2418940Lakeview Heights, inground pool
more details
Click here to feature your property
Please wait... loading

Income for life?

Photo: Thinkstock.comIn almost every conversation I have with clients these days, the topic swings to interest rates. What direction they’re going, how long will they stay where they are and how...

Perfect (reno'd) home

Photo: Thinkstock.comHow many times have you found a home in the perfect location, but it needs too much work as per the home inspection? There is a great program available through most lenders that w...

5 Claim misconceptions

Photo: Thinkstock.comIf you have been hurt in an accident or as a result of medical negligence you will likely look to your friends and family for some advice on how to deal with the situation. These ...



Member of BC Press Council