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Taykwa Tagamou Chief Linda Job receives a ceremonial share certificate from Detour Gold Corp. as part of a joint venture that will see co-operation between the native community and the mining company.
Taykwa Tagamou Chief Linda Job receives a ceremonial share certificate from Detour Gold Corp. as part of a joint venture that will see co-operation between the native community and the mining company.
(Moe Doiron/Moe Doiron/The Globe and Mail)

Detour Gold bites bullet, sells $153-million in shares

If you’re a miner, you probably don’t want to sell shares in a weak commodity market.

And you definitely don’t want to issue new stock when your shares are in deep slump.

Yet Detour Gold eschewed both rules late Tuesday, raising $153-million by selling new shares in order to fund the development of its Detour Lake project.