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Friday, 20th January 2006 (4632 views)

Canadian company Eldorado Gold announced yesterday it is set to raise £79 million to fund future acquisitions, development and exploration.

The Vancouver based company said it had entered into a bought deal agreement with a syndicate of underwriters led by Orion Securities that will see the syndicate purchase 30,000,000 common shares of the company at a price of £2.63 per common share.

"Net proceeds are to be used for acquisitions of late stage development gold properties in China, continued development and exploration of the company's properties in Turkey and Brazil, other property acquisitions and for general corporate purposes," the company said in a statement.

The gold producing and exploration firm is hopeful that its new developments will see the company forge ahead in the coming years.

Eldorado Gold's share price slumped earlier this week as gold prices fell from a 25-year peak.

 

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