Share capital

12 Months Ended

Dec. 31, 2020

Disclosure of classes of share capital [abstract]

3.19 Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares held by the Company are classified as treasury stock and recorded as a reduction of shareholders’ equity.

20. Share capital

Eldorado’s authorized share capital consists of an unlimited number of voting common shares without par value.

On September 26, 2019, the Company established an at-the-market equity program (the "ATM Program") which allowed the Company to issue up to $125,000 of common shares from treasury from time to time at prevailing market prices. As at December 31, 2020, 14,458,000 common shares have been issued since the establishment of the ATM Program for total net proceeds of $121,540, including 8,353,042 common shares issued during the year ended December 31, 2020.

On June 25, 2020, the Company completed a private placement of 384,616 common shares at a price of CDN $13.00 per share. The aggregate gross proceeds of CDN $5,000 ($3,664), will be used to fund the initial stage of the Lamaque decline project. The shares will qualify as flow-through shares for Canadian tax purposes and were issued at a premium of CDN $0.45 per share to the closing market price of the Company’s common shares at the date of issue. The premium of $127 was recognized in accounts payable and accrued liabilities and will be recognized in other income once required expenditures are incurred and related tax benefits are renounced.

On September 30, 2020, the Company completed private placements of 435,324 common shares at a price of CDN $16.08 per share for proceeds of CDN $7,000; and 176,160 common shares at a price of CDN $17.03 for proceeds of CDN $3,000. The proceeds of CDN $7,000 ($5,248), will be used to continue to fund the Lamaque decline project. The proceeds of CDN $3,000 ($2,249) will be used to fund continued exploration at the Ormaque zone. The shares will qualify as flow-through shares for Canadian tax purposes and were issued at a premium of CDN $2.03 and CDN $2.98, respectively, per share to the closing market price of the Company’s common shares at the date of issue. The combined premium of $1,056 was recognized in accounts payable and accrued liabilities and will be recognized in other income once required expenditures are incurred and related tax benefits are renounced.

20. Share capital (continued)


	2020			2019
Voting common shares	Number of Shares	Total		Number of Shares	Total
Balance at January 1,	164,963,324	$	3,054,563	158,801,722	$	3,007,924
Shares issued upon exercise of share options, for cash	618,915	3,559		56,644	265
Estimated fair value of share options exercised transferred from contributed surplus	—	1,267		—	103
Shares issued to the public	8,353,042	76,957		6,104,958	48,041
Share issuance cost	—	(1,570)		—	(1,770)
Flow-through shares issued, net of costs and premium	996,100	9,868		—	—
Balance at December 31,	174,931,381	$	3,144,644	164,963,324	$	3,054,563