Timmins Gold (TMM.V), armed with the backing of one of Canada's top resource investors, said on Tuesday it raised its takeover bid for New York-based Capital Gold (CGC.A), which owns a mine in northern Mexico. Timmins said the new offer was worth $5.89 per Capital Gold share, and comprises 2.27 Timmins common shares plus $0.25 in cash. With 61.37 million shares outstanding, the offer would value Capital Gold at about $361 million. A previous offer from Timmins valued Capital at $4.48 a share.
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