Saturday, November 22nd3.1°C
24124

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

24120


Recent Trending




Today's Market
S&P TSX15111.13+35.95
S&P CDNX789.135.56
DJIA17810.0691.06
Nasdaq4712.97+11.102
S&P 5002063.50+10.75
CDN Dollar0.8901-0.0002
Gold1201.50+10.60
Oil76.72+0.87
Lumber331.50+4.50
Natural Gas4.236-0.253

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.62+0.82
Copper Mountain Mining2.24+0.06
Colorado Resources0.125-0.015
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
23744




FEATURED Property
2036519#7 - 3800 Gallaghers Pinnacle Way
3 bedrooms 3 baths
$667,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24207

24158


Member of BC Press Council


22842