11:04:06 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Gold Summary for Nov. 13, 2014

2014-11-13 20:01 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

New York spot gold closed down $1 to $1,160.70 Thursday. The World Gold Council says bullion demand in the third-quarter dropped 2 per cent from the same period last year. The TSX Venture Exchange lost 6.50 points to 764.87 and the TSX Gold Index lost 1.94 points to 139.79.

Major Canadian gold miners ended the day down. Goldcorp Inc. (G) lost 39 cents to $21.90, Barrick Gold Corp. (ABX) lost 14 cents to $13.11, Yamana Gold Inc. (YRI) fell 15 cents to $4.13 and Iamgold Corp. (IMG) dropped 21 cents to $1.96.

The most active stock on the Toronto Stock Exchange was Bruce Reid's Carlisle Goldfields Ltd. (CGJ), which edged up 1.5 cents to six cents on 18.4 million shares. Russia's Nord Gold NV has offered 9.6 cents for each of Carlisle's 284 million shares outstanding. The market was cautious on the deal, probably because it comes with a big catch. The $27-million takeover offer is contingent on Carlisle cancelling the deal it made with AuRico Gold Inc. (AUQ: $3.98) earlier this week. AuRico has already paid Carlisle $5-million for a 25-per-cent interest in its Lynn Lake gold camp in Manitoba, where AuRico has taken over as operator. It can boost its interest to 60 per cent by completing $20-million worth of exploration and a feasibility study by 2017. AuRico has also arranged to buy 70.6 million Carlisle shares (bringing the number outstanding to over 354 million) at eight cents, giving the new joint venturer a 19.9-per-cent interest in the company. This financing is expected to close on Nov. 21. Carlisle is now reviewing the Nord Gold offer, but if the market's reaction is any indication the deal will be difficult for Nord Gold to close, at least on its current terms.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed