This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

New York spot gold dropped $2.20 Thursday, closing at $2,656.30. The TSX Venture Exchange fell 0.25 point to 589.92 while the TSX gold index dropped 5.12 points to 367.78. Most Canadian listed gold miners retreated today, although Lundin Gold Inc. (LUG) managed to add $1.11 to $30.70 on 920,000 shares. There was no news propelling the company's stock upward today, but the gain continues a bullish trend that began in mid-June with Lundin's stock then mired in a range near $19.

There were some notable falls, but they were driven by news. Peter Marrone's Allied Gold Corp. (AAUC) slid 36 cents to $3.14 on 9.07 million shares on word it has priced its overnight marketed public offering through which it will be selling 62 million shares at $3.10 apiece. The placement will raise $192.2-million, and up to $221-million if the underwriters exercise their greenshoe option.

Mr. Marrone, chairman and chief executive officer, and his crew -- which includes a bevy of lawyers and accountants given their language -- jargonize that they will use the cash "to support the financing of [Allied's] optimization and growth initiatives, including in relation to all rights and obligations dealing with and allowing for continuous management, optimizations, advancements, improvements and phased expansion of the Sadiola mine, and in respect of costs associated with the Kurmuk construction project."

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS