Eldorado cashes in

Eldorado Gold (ELD-T) has closed a $46-million financing with a syndicate of underwriters led by Yorkton Securities and including Sprott Securities, BMO Nesbitt Burns, TD Securities, National Bank Financial, Research Capital and Haywood Securities.

The financing consisted of 28.7 million units priced at $1.60 apiece. Each unit consists of one share and a half-warrant. A whole warrant entitles the holder to acquire an additional share at $2 for 12 months. A portion of the proceeds will be used to fund development of the Kisladag gold project in Turkey. A feasibility study of the 7.9-million-oz. project is due in March 2003.