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by Stockwatch Business Reporter
New York spot rose $13.50 to $1,738.30 on Tuesday. The TSX Venture Exchange went the other way, dropping 6.61 points to 1,027.75 today while the TSX gold index rose 10.83 points to 279.38. Most Canadian gold miners gained ground today, with Osisko Gold Royalties Ltd. (OR), up 90 cents to $13.40 on 1.18 million shares, helping lead the way.
Ewan Downie's Premier Gold Mines Ltd. (PG), up 12 cents to $2.92 on 1.97 million shares, has priced the shares of its spinoff of I-80 Gold Corp. at $2.60 per share. Mr. Downie, Premier's president and chief executive officer, says that the sale of 31.5 million shares through a private placement will fetch nearly $82-million in the initial placement.
The I-80 spinoff is the result of a friendly takeover of Premier by Equinox Gold Corp. (EQX: $10.42), which will result in Premier's shareholders getting nearly 0.2 of an Equinox share and 0.4 of an I-80 share for each of their Premier shares. The spinoff gives Mr. Downie a soft place to land: He will become CEO of I-80. Matthew Gili becomes president and chief operating officer, while Ron Clayton will be I-80's chairman.
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