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by Stockwatch Business Reporter
New York spot gold leapt $19.60 Monday, closing at $1,783.40. The TSX Venture Exchange nevertheless moved lower, dropping 4.90 points to 941.93 while the TSX gold index rose 2.79 points to 301.25. Bucking bullion's rise today was Endeavour Mining PLC (EDV), which lost 79 cents to $28.71 on 1.79 million shares. The company's only recent news is that it is continuing to buy back its stock.
Newfound Gold Corp. (NFG), which had sagged to just $9.40 late last week after getting to $13.50 earlier this month, is northbound again. Today it rose $1.01 to $12.46 on 780,000 shares. New Found's most recent news came early last week when it reported assays of up to 21.4 grams of gold per tonne over 8.05 metres from the Keats zone at its Queensway project in north-central Newfoundland.
David Garofalo's New York-listed Gold Royalty Corp. (GROY) said today that it intends to acquire Trey Wasser's Ely Gold Royalties Inc. (ELY) through a cash and stock deal that values Ely at $1.46 per share. Gold Royalty says that its offer is subject to a cash cap of $84-million, with the rest of the payment satisfied by up to 41.5 million Gold Royalty shares. The $275-million offer represents a 42-per-cent premium, say the two companies, and when completed, Ely's shareholders will own 45 per cent of the expanded Gold Royalty.
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