Rival suitors for New York-based miner Capital Gold raised their takeover bids on Tuesday, opening another chapter in a fight, spurred by soaring gold prices, for the El Chanate mine in Mexico. Vancouver-based Timmins Gold (TMM.V), armed with the backing of one of Canada's top resource investors, raised its offer for the company to the equivalent of $5.89 per Capital Gold (CGC.A) share. The offer comprises 2.27 Timmins common shares plus $0.25 in cash. Larger rival Gammon Gold (GAM.TO) responded soon after by raising the cash component of its offer to $1.09 per Capital Gold share, plus 0.5209 of a common share of Gammon.
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