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Gold Summary for May 11, 2020

2020-05-11 17:53 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold slipped $5.70 to $1,697.20 on Monday. The TSX-V rose 3.11 points to 495.20 while the TSX gold index followed bullion lower, dropping 9.29 points to 343.02. SSR Mining Inc. (SSRM) dropped $1.18 to $24.05 on 2.09 million shares on word that it has agreed to a friendly merger with Alacer Gold Corp. (ASR). Shareholders of Alacer, which dropped 32 cents to $7.87 on 5.09 million shares following the news, will own 43 per cent of the expanded SSR.

A bidding war for Alan Pangbourne's Guyana Goldfields Inc. (GUY) is under way. Guyana had been trading near the 35-cent mark through March and April, but it bolted to 60 cents and above late in April, after Dr. Rui Feng's Silvercorp Metals Inc. (SVM) offered 60 cents, or 0.1195 share, for each Guyana Goldfields share. (Silvercorp set a maximum amount of cash it was willing to hand out: If all of Guyana's shareholders opted for cash, they would receive just 20 cents per share in cash; the rest in stock.)

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