Paulson & Co. Provides Update on Detour Gold Corporation
19 July 2018 - 3:02AM
Paulson & Co. Inc. ("Paulson"), one of the largest
institutional investors in Detour Gold Corporation
(TSX:DGC) ("Detour Gold" or the "Company"), announced today
that it will move forward with its efforts to replace a majority of
the Detour Gold Board of Directors with new highly qualified,
independent nominees committed to exploring all strategic
alternatives including a potential sale of the Company.
Last Friday Michael Kenyon, Interim CEO of
Detour Gold, sent an unsolicited written communication to Paulson
selectively disclosing non-public information that the Company has
been approached by a major gold mining company interested in
potentially acquiring it. As part of the communication, Detour Gold
stated it would only sign a confidentiality agreement with the
interested party only if both the party and Paulson agreed to a
stand-still, even though Paulson has no affiliation with the major
mining company. In light of such approach, Paulson requested that
the Company’s board immediately disclose such material to all
shareholders and the investing public and announce a formal process
to evaluate all strategic opportunities. In addition, Paulson &
Co. has constructively asked the independent directors of the board
to reconstitute the board and to announce a search process for a
new CEO simultaneous with a review of strategic alternatives. To
date, the Detour Gold board has failed to do so, therefore Paulson
is issuing this press release so that all Company shareholders and
the wider public have the same information as Paulson.
About Paulson & Co.
Paulson & Co., founded in 1994, is an
investment management firm specializing in event-driven arbitrage
strategies with offices located in New York, London and
Dublin.Contact DetailsInvestors:Dan Burch & Jeanne
CarrMackenzie Partners800-322-2885
Media:Joel ShafferLongview Communications & Public
Affairs416-649-8006