Eldorado Gold Completes Bought Deal Financing

Vancouver-based Eldorado Gold Corp. closed, on December 23, 2002, an offering of units by way of a short-form prospectus for gross proceeds of $46 million, including the exercise of the underwriters’ option and over-allotment option. The company expects to use the net proceeds of the offering to finance development of its Kisladag property in Turkey and for general corporate purposes. The offering was underwritten on a bought deal basis by a syndicate of underwriters led by Yorkton Securities Inc., and including Sprott Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Research Capital Corporation and Haywood Securities Inc.

Eldorado was represented by Lata Casciano, Adrian Dirassar, Melody Schalm and Georald Ingborg (securities) and Josh Lewis (mining, corporate commercial) of Fasken Martineau DuMoulin LLP in Vancouver. The underwriters were represented by Norman Findlay, Howard Burshtein, Chad Accursi and Chris Norton of Cassels Brock & Blackwell LLP in Toronto.