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by Stockwatch Business Reporter
New York spot gold fell $4.50 to $1,496.20 on Friday. The TSX Venture Exchange slipped 3.51 points to 592.82 while the TSX Gold Index dipped 2.53 points to 252.39. Iamgold Corp. (IMG) lost two cents to $4.56 on 5.21 million shares. Today's loss follows Thursday's 78-cent drop, driven by a big cut in the company's production guidance and worries about the scale and duration of an "influx" of unauthorized people at its Rosebel mine in Suriname.
Ian Pierce and Renaud Adams's New Gold Inc. (NGD) is seeking cash. The company is selling 93.75 million shares at $1.60 per share through a bought-deal placement led by BMO Capital Markets. The financing, which could raise a total of $172.5-million if the underwriters exercise their 15-per-cent overallotment option, is expected to close by the end of the month. The offering price is at a discount -- and as usually happens, the market closed the gap: New Gold fell 17 cents to $1.55 on 12.17 million shares.
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