Gold prices rose 1.44% to $1,198.90 an ounce at 3:17 p.m., while silver was up 2.76% to $16.22, according to CNBC. Gold had climbed over $1,200 earlier in the day.
Coeur announced earlier this month that it would acquire Paramount Gold & Silver (PZG) in an all-stock transaction valued at approximately $146 million.
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Immediately prior to the deal's completion, Paramount will spin off a separate, publicly-traded company expected to be called Paramount Nevada Gold Corp. to its existing stockholders. This subsidiary would own the Sleeper Gold Project and other assets in Nevada.
As part of the deal, Coeur will give $10 million in cash to the spin-off and receive a 4.9% common share interest.
Separately, TheStreet Ratings team rates COEUR MINING INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate COEUR MINING INC (CDE) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."