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by Stockwatch Business Reporter
New York spot gold jumped $23.90 Friday, ending the day at $1,872.30. The TSX-V slid 7.18 points to 704.70 while the TSX gold leapt 15.80 points to 303.74. Canadian gold miners posted solid gains. Argonaut Gold Inc. (AR) led the way, adding 13 cents to $1.10 on 8.9 million shares. Paul Andre Huet's Karora Resources Inc. (KRR), downward bound yesterday, was strong today, reclaiming 49 cents to $4.58 on 2.56 million shares.
Karora does have news. The company is refinancing its current credit facility as a lower-cost senior secured $80-million credit agreement with Macquarie Bank Ltd. The new package includes a $40-million term loan and a $40-million revolving credit facility, both of which bear annual interest at 4.5 per cent above the Canadian Dealer Offered Rate over a two-year term. The new arrangement replaces a $30-million credit facility that bears interest at 6.05 per cent above the TD prime rate.
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