CME Group announced another increase in margin requirements to trade gold after the market close on Wednesday.
The exchange raised initial margin requirements rose to $9,450 from $7,425 per 100-ounce contract, and maintenance margin requirements to $7,000 from $5,500.
The margin increases go into effect as of the close of trading on Thursday.
CME last raised gold margin requirements two weeks ago.
Premier Gold Completes Acquisition of Goldstone
PREMIER GOLD MINES (PG.TSX) announced the completion of its acquisition of Goldstone Resources (GRC.TSX). Under the terms of the Arrangement, each Goldstone shareholder will receive 0.16 of one Premier common share and a nominal cash payment of $0.0001 for each Goldstone share held. In completing the acquisition, Premier has issued approximately 16.8 million common shares to former Goldstone shareholders.
The transaction was previously approved by the Goldstone shareholders and by the Ontario Superior Court of Justice. It is expected that the common shares of Goldstone will be delisted from the Toronto Stock Exchange at the close of business on or about August 18, 2011. Full Premier Gold Mines Press Release.
The transaction was previously approved by the Goldstone shareholders and by the Ontario Superior Court of Justice. It is expected that the common shares of Goldstone will be delisted from the Toronto Stock Exchange at the close of business on or about August 18, 2011. Full Premier Gold Mines Press Release.
HIGHLIGHTS:
- The acquisition will result in Premier Gold Mines holding several mineral deposits and prospects located along, or in close proximity to, the Trans-Canada Highway.
- The Geraldton-Beardmore property portfolio will be called the “Trans-Canada Project” of which Hardrock will be the core project.
- The Trans-Canada Project consists of several claim groups that have seen more than 4.0 million ounces of historic production and are host to multiple gold deposits.
Ewan Downie, President and CEO of Premier:
"This acquisition not only consolidates 100% ownership of the multi-million ounce Hardrock Project, it also provides Premier with control over the prime geological structures in the Geraldton-Beardmore Greenstone belt. We now have the opportunity to advance several deposits in a highly prospective region that could yield new discoveries for decades to come.”
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