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Eldorado Gold closes C$135 million financing earmarked to fund 'growth initiatives'

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(Kitco News) - Eldorado Gold (TSX: ELD) (NYSE: EGO) today announced the closing of the previously announced bought deal offering of 10,400,000 common shares at a price of C$13.00 per common share for gross proceeds of approximately C$135 million.

The company said that proceeds from the offering will be used to fund growth initiatives across the global portfolio, including some not currently contemplated within the company’s five-year plan, as well as for general corporate and working capital purposes.

Eldorado’s projects that are not currently included in its five-year plan include the development of the Perama Hill project in Northern Greece and the expansion of the processing plant at Olympias.  

In addition, in Canada, with a maiden reserve expected next year at the company’s Ormaque discovery, Eldorado expects to undertake additional trade-off studies to determine the optimum approach to incorporate it into the plans.

Moreover, in Türkiye, the company has a number of opportunities, including conversion of inferred resources at Efemçukuru and early-stage exploration targets that have the potential to add to a production profile.

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece.

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