Detour Gold fends off mini-tender offer.

 
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Detour Gold started off the new year fending off a mini-tender offer from TRC Capital to purchase up to five million shares, or 2.86 per cent, of the company.

The company said in a Jan. 4 release it had been offered $15.25 per common share of Detour, but that it did not support the offer.

"Detour Gold does not endorse this unsolicited mini-tender offer and recommends that shareholders do not tender their shares in response to the offer," the company said in the release.

"Shareholders are cautioned that the mini-tender offer has been made at a price below market, representing a discount of 4.69 per cent to the closing price of Detour Gold's common shares on Dec. 23, 2016, the last trading day before the mini-tender offer was commenced."

The company emphasized it was not associated with TRC or the mini-offer, and iterated that minioffers of this kind are "designed to seek less than five per cent of a...

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