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Oreninc Index: August 13, 2018

ORENINC INDEX drifts to a singularity

ORENINC INDEX - Monday, August 13th 2018

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Last week index score: 15.22

This week: 12.27

 

Avrupa Minerals (TSXV:AVU) provided an update on its exploration activities in Portugal.

The Oreninc Index continued to drift towards a singularity in the week ending August 10th, 2018 as it fell to 12.27 from 15.22 a week ago as investor interest seemingly remains on vacation.

A financial crisis hit Turkey as the week ended as its currency, the lira, fell to a record low against the US dollar with fears that it could trigger economic crisis throughout the region. With inflation starting to rise again and President Recep Erdogan being opposed to interest rate increases, the country’s economic edifice has started to crumble with the lira falling over 30% against the dollar so far in 2018. This has seen investors head for both the US dollar and gold as safe-haven investments. A Friday announcement by US President Donald Trump to implement higher tariffs on steel and aluminium imports from Turkey exacerbated the Asian nation’s problems. The US said it will begin imposing 25% tariffs on an additional US$16 billion of Chinese goods from 23rd August including motorcycles, steam turbines and railway cars.

Safe-haven demand for the greenback pushed the US dollar index to a 14-month high of over 96.44.

On to the money: total fund raises announced rose to C$20.8 million, a one-week high, which included no brokered financings and no bought deal financings. The average offer size increased to C$2.0 million, a four-week high, whilst the number of financings decreased to 10, a 22-week low.

Gold continued to fall to close the week down at US$1,220/oz from US$1,214/of a week ago. It is now down 7.08% this year. The US dollar index increased again to 96.36 from 95.16 last week. The van Eck managed GDXJ fell again to close down at US$30.60 from US$31.46 week ago. The index is down 10.34% so far in 2018. The US Global Go Gold ETF also lost ground to close down at US$11.93 from US$12.28 a week ago. It is now down 8.30% so far in 2018. The HUI Arca Gold BUGS Index closed down again at 159.92 from 164.68 last week. The recovery in the SPDR GLD ETF continued in sell mode with its inventory closing down at 786.08 tonnes from 794.89 tonnes a week ago.

In other commodities, silver recorded a loss to close down at US$15.31/oz from US$15.42/oz a week ago. Copper also lost a couple of cents to close down at US$2.74/lb from US$2.76/lb last week. Oil’s slide continued as it closed down at US$67.63 a barrel from US$68.49 a barrel a week ago.

The Dow Jones Industrial Average saw a rare loss to close down at 25,313 from 25,462 last week. Canada’s S&P/TSX Composite Index also fell growth to close down at 16,326 from 16,420 the previous week. The S&P/TSX Venture Composite Index continued to fall closing down at 693.75 from 702.05 last week.

 Summary:

·       Number of financings decreased to 10, a 22-week low.

·       No brokered financings were announced this week, a three-week low.

·       No bought-deal financing was announced this week, an eight-week low.

·       Total dollars rose to C$20.8m, a one-week high.

·       Average offer size grew to C$2.0m, a four-week high.

 

 

Financing Highlights

Coro Mining (TSX:COP) opened and closed a C$13.2 million non-brokered private placement @ C$0.12 with Tembo Capital private equity group

·       Part of a C$46.7 million financing plan that also includes a C$33.6 million rights offering @ C$0.05 that fully funds Coro for the next 12 months.

·       Proceeds to repay debt, acquire surrounding properties and fund exploration and resource expansion at its Marimaca development project in Chile.

 

 Major Financing Openings

·       Coro Mining (TSX:COP) opened a C$ 13.17 million offering on a best efforts basis.    

·       Sojourn Ventures (TSXV:SOJ) opened a C$ 2.8 million offering on a best efforts basis. Each unit includes a warrant that expires in three years.

·       Sunvest Minerals (TSXV:SSS) opened a C$ 1.5 million offering on a best efforts basis. Each unit includes half a warrant that expires in three years.

·       Altan Nevada Minerals (TSXV:ANE) opened a C$ 1.0 million offering on a best efforts basis. Each unit includes a warrant that expires in two years.

 

Major Financing Closings

·       Coro Mining (TSX:COP) closed a C$ 13.17 million offering on a best efforts basis.    

·       New Point Exploration (CSE:NP) closed a C$ 4.65 million offering on a best efforts basis. Each unit included a warrant that expires in six months.

·       Western Uranium (CSE:WUC) closed a C$ 1.3 million offering on a best efforts basis. Each unit included half a warrant that expires in two years.

·       Harvest Gold (TSXV:HVG) closed a C$ 0.86 million offering on a best efforts basis.

 

Company News

Avrupa Minerals (TSXV:AVU) provided an update on its exploration activities in Portugal.

·       Drilling competed at Alvito IOCG project that is a JV with OZ Minerals, completing 18 holes for 2,438m in eight separate prospect areas. All samples with IOCG-style mineralization have been delivered to ALS Minerals with results expected in August.

·       Blackheath Resources notified Avrupa of its intention to cease funding the Covas tungsten project and Avrupa let the license lapse.

 

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