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by Stockwatch Business Reporter
New York spot gold lost $3.80 to $1,284.00 on Monday. The TSX Venture Exchange fell 4.92 points to 829.70 while the TSX Gold Index dropped 0.99 point to 220.09. Richmont Mines Inc. (RIC) led Canadian gold miners lower. It fell 78 cents to $10.49 on 991,000 shares.
Rapier Gold Inc. (RPR) lost one cent to 11.5 cents on 171,000 shares. The company's new management is turning its full attention to "re-evaluating the company's exploration and corporate strategy," with a goal of maximizing shareholder value, according to David Lotan, who was appointed interim chief executive officer late last month after Delbrook Capital Advisers Inc. overthrew the company's previous crew. His first move is to raise cash: Rapier is offering 10 million shares at 10 cents. (The $1-million is for working capital deficiencies, advancement of the Pen gold project and general corporate purposes.)
Rapier's working capital deficiency is presumably modest. It was just $225,000 at the end of December, and since then the company raised nearly $375,000 in a two-tranche placement earlier this year. Rapier, led at the time by Roger Walsh, had been seeking $2.5-million to advance the Pen project, southwest of Timmins in Northern Ontario. While Mr. Lotan touts Rapier's desire to advance Pen, he is not committed to doing so through a Rapier exploration program: He says the company's board "will carefully review all alternatives available to it."
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