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BMO Capital Markets, Others Provide CA$135MM Facility to Detour Gold

March 13, 2013, 07:49 AM

Detour Gold Corporation reported that it has successfully closed a $135 million senior secured credit facility. The facility is comprised of a $90 million revolving credit facility and a $45 million letter of credit facility. The facility is for a tenor of three years and is available for working capital during the ramp-up period, financial assurance and general corporate purposes. All amounts are reported in Canadian dollars.

Gerald Panneton, president and CEO of Detour Gold, commented: "This credit facility is a cost effective source of capital and will provide the company with an additional source of liquidity and greater financial flexibility."

The facility was jointly arranged by BMO Capital Markets and Canadian Imperial Bank of Commerce and included commitments from Commonwealth Bank of Australia, Royal Bank of Canada and The Toronto-Dominion Bank. The $45 million letter of credit facility announced on January 14, 2013 was terminated upon the closing of the facility.

Detour Gold is an emerging mid-tier gold producer in Canada.

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