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Gold Summary for June 24, 2022

2022-06-24 18:54 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $4.50 Friday, ending the day at $1,826.80. The TSX-V gained ground, adding 15.54 points to 647.33 while the TSX gold rose 4.91 points to 280.70. Some Canadian gold miners did well today. One, New Gold Inc. (NGD), added six cents to $1.54 on 1.53 million shares. A few struggled: Victoria Gold Corp. (VGCX) fell 24 cents to $12.06 on 372,000 shares.

The other shoe dropped today at Argonaut Gold Inc. (AR). Argonaut crashed 22 cents to 57 cents on 22.72 million shares yesterday on word that it had arranged a $250-million (U.S.) financing conditional on selling $150-million (U.S.) of new shares. Today, Argonaut added one cent to 58 cents on 20.76 million shares on word that it will be selling a whopping 434 million shares at 45 cents, raising $195-million -- the required $150-million (U.S.). The company currently has just over 330 million shares outstanding, so the placement is a heavy dose of dilution for shareholders to swallow.

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