Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Canadian explorer Minera Alamos’ (TSXV: MAI) stock was up on Friday, following the announcement that it has acquired 9.4 million common shares in the capital of Prime Mining (TSXV: EPWR).
As part of the deal, Minera acquired warrants to purchase up to 3.3 million additional common shares of prime at a price of C$0.50 per common share.
The securities issued will be subject to a statutory hold period in Canada expiring four months and one day from the closing date, being December 28, 2019, the company said in a media release.
Minera currently has three exploration assets in Mexico, including the La Fortuna open pit gold project in Durango.
At market close Friday, Minera’s stock was up over 12% on the TSX. The company has a C$64 million market capitalization.
