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Gold Summary for Feb. 28, 2023

2023-02-28 19:44 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $12.20 to $1,829.50 on Tuesday. The TSX Venture Exchange rose 5.63 points to 630.46 while the TSX gold index added 3.22 points to 265.57. Most Canadian gold miners moved higher today. Argonaut Gold Inc. (AR), which had a horrid Monday, falling 11.5 cents on word of its 2022 results and cost overruns at Magino, bounced three cents higher today, closing at 46.5 cents on 13.67 million shares.

John McCluskey's Alamos Gold Inc. (AGI) added six cents to $13.91 on 1.31 million shares on word it has made a friendly offer to acquire Richard Murphy's Manitou Gold Inc. (MTU) through a stock swap. Alamos is offering -- be sure to count the zeros correctly -- 0.003525 share for each Manitou share. That works out to five cents per share based on the weighted 20-day average prices, a premium of nearly 100 per cent to Monday's closing prices.

That news naturally sent Manitou higher, and it closed the premium gap by adding two cents to 4.5 cents on 24 million shares. Still, the new shares issued through the merger will barely dent Alamos's tally, as the numbers suggest that Manitou shareholders will get just one million new Alamos shares, while the latter company's backers currently hold nearly 400 million shares.

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