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Gold Summary for June 6, 2024

2024-06-06 19:11 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $18.90 on Thursday, closing at $2,374.50. The TSX Venture Exchange rose 2.12 points to 601.98 while the TSX gold index added 10.47 points to 329.84. Collin Kettell and Denis Laviolette's New Found Gold Corp. (NFG) edged two cents higher to $4.75 on 249,000 shares.

The move follows word of a settlement of a three-year-old lawsuit against the company, Mr. Kettell's Palisades Goldcorp Ltd. (PALI), and Mr. Kettell. New Found Gold will issue 370,000 shares to the plaintiffs, Sheldon Inwentash's ThreeD Capital Inc. (IDK) and Jeff Kopman's private company, 1313366 Ontario Inc. Palisades will transfer 3.38 million shares of New Found Gold to the plaintiffs to complete the arrangement.

Not that the defendants did anything wrong, mind you. No, there is no admission of wrongdoing tied to the settlement -- the two companies are sending 3.75 million New Found shares the plaintiff's way to "avoid the expense, burden and uncertainty associated with litigation" and to end the matter for good. One therefore assumes that the two companies worried that the uncertainty of outcome might impose a burden heftier than the $17.7-million those shares now on the move were worth at Wednesday's close.

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