UPDATE 1-Detour Gold to raise C$48.4 mln by selling shares

* To sell 4 mln shares at C$12.10 apiece

* To use proceeds for Detour Lake gold project

June 16 (Reuters) - Canada's Detour Gold Corp (DGC.TO) said it plans to sell 4 million shares at C$12.10 apiece for gross proceeds of about C$48.4 million ($42.7 million).

The company agreed with a syndicate of underwriters led by Raymond James Ltd and BMO Capital Markets for the deal, which is at a 4 percent discount to the stock's closing price Tuesday.

The underwriters also have an option to buy 400,000 more shares for additional gross proceeds of C$4.8 million.

The company plans to use the net proceeds from the offering to advance its Detour Lake gold project and for general corporate purposes.

The offering is expected to close on or about July 14.

Shares of the Toronto, Ontario-based company closed at C$12.60 Tuesday on the Toronto Stock Exchange. ($1=1.134 Canadian Dollar) (Reporting by Ashutosh Joshi in Bangalore; Editing by Gopakumar Warrier)