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by Stockwatch Business Reporter
New York spot fell $1.00 to $1,326.40 on Tuesday. The TSX Venture Exchange fell 5.11 points to 589.32 while the TSX Gold Index rose 0.92 point to 197.69. Most Canadian gold miners moved higher despite bullion's decline. New Gold Inc. (NGD) was strong, adding 10 cents to $1.04 on 5.26 million shares. There has been no news since the stock traded at 85 cents at the end of May. That was when JP Morgan analyst, John Bridges, cut his rating to "underweight" from "neutral." The market, it appears, did not heed his advice.
Stephen Quin's Midas Gold Inc. (MAX) has arranged a bought-deal offering of 33.2 million shares at the cut-rate price of 60 cents, which sent the company's stock -- no surprise here -- down six cents to 62 cents on 1.29 million shares. The cash is for a continuing feasibility study of the company's Stibnite gold project in central Idaho, as well as the permitting, redevelopment and restoration of the project. Midas's major shareholders, Barrick Gold Corp. (ABX: $18.01) and Paulson & Co. Inc., will maintain their respective 19.6-per-cent and 29.11-per-cent interests through their participation.
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