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by Stockwatch Business Reporter
New York spot gold rose $6.20 to $1,302.00 on Friday. The TSX Venture Exchange rose 4.70 points to 627.77 while the TSX Gold Index added 0.60 point to 193.42. Today was generally slow, but Barrick Gold Corp. (ABX) lost one cent to $17.43 on 19.5 million shares and Kinross Gold Corp. (K) rose four cents to $4.51 on 12.51 million shares.
Paul Begin and Ari Sussman's Continental Gold Inc. (CNL) jumped 29 cents to $2.89 on 4.48 million shares on word that the company has arranged a $175-million (U.S.) financing package. It includes $75-million (U.S.) in convertible debentures issued to "certain investors," including $50-million (U.S.) to Newmont Mining Corp. The debentures have a five-year-and-two-month term and pay interest at 5 per cent. They will be convertible into stock at $3 per share. The financing also includes a $100-million (U.S.) gold and silver stream from Triple Flag Mining Finance Bermuda Ltd. The cash is for capital expenditures related to the continuing construction and start-up of the company's Buritica mine in Colombia.
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