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Oreninc Index Update: July 10, 2017

 

ORENINC INDEX dives as gold close to US$1,200/oz

 

ORENINC INDEX - Monday, July 10, 2017

North America’s leading junior mining finance data provider

 

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Last week index score: 61.25

This week: 39.94

 

LiCo Energy Metals (TSXV: LIC) announce results from a TEM geo

physical survey over its Purickuta project within the Salar de Atacama, Chile.

The Oreninc Index fell in the week ending July 6th, 2017 to 39.94 from 61.25 the previous week.

Total fund raises announced was C$96.0 million, a five-week low, which included one brokered financing for a total of C$10.6 million, a five-week low, within which there were no bought-deal financings. The average offer size almost doubled to C$6.0 million, an 18-week high, whilst the total number of financings announced fell to 16, a 75-week low.

Gold took a pounding with spot gold closing at US$1,212/oz, down from US$1,241 the previous week following public holidays in both the US and Canada, positive US jobs data and signals from the US Federal Reserve of further interest rate increases to come.

The downward trend in the van Eck managed GDXJ since its recent rebalance in June continues and is now down 0.8% so far in 2017. The inventory of the SPDR GLD ETF saw selling and closed the week down at 835 tonnes from 852 tonnes the previous week.

In other commodities, the silver spot price saw a big fall, losing about a dollar on the week to close at US$15.62 from US$16.62/oz. The Comex copper price pulled back following its recent rally to close at US$2.64 per pound from US$2.71 the previous week. Oil returned to its losing streak closing at US$44.23 per barrel down from US$46.24 last week.  

The Dow Jones Industrial Average returned to the win column closing at 21,414 from 21,349 the previous week. Canada’s S&P/TSX Composite Index, however, continued to slide closing at 15,027 from 15,182 the previous week. The S&P/TSX Venture Composite Index also continued its general downward trend to close at 755.22 from 766.74 the previous week.

Summary:

  • Number of financings dropped to 16, a 75-week low.
  • One brokered financings were announced for $10.6m, a five-week low.
  • No bought-deal financing was announced this week.
  • Total dollars decreased to $96.0m, a five-week low.
  • Average offer size almost doubled to $6.m, a 18-week high.

 

Major Financing Openings:

  • NexGen Energy (TSX-V:NXE) opened a C$64.91 million offering on a best efforts basis.
  • Aguia Resources (TSX-V:AGRL) opened a C$10.54 million offering underwritten by a syndicate led by Paradigm Capital on a best efforts basis. Each unit includes half a warrant that expires in 36 months.
  • Kincora Copper (TSX-V:KCC) opened a C$$6.00 million offering on a best efforts basis. Each unit includes half a warrant that expires in 24 months.
  • Anfield Resources (TSX-V:ARY) opened a C$3.00 million offering on a best efforts basis. Each unit includes a warrant that expires in 60 months.

Major Financing Closings:

  • Harte Gold (TSX-V:HRT) closed a C$25.00 million offering underwritten by a syndicate led by Macquarie Capital Markets on a bought deal basis.  
  • BonTerra Resources (TSX-V:BTR) closed a C$20.00 million offering underwritten by a syndicate led by Sprott Capital Partners on a best efforts basis.  
  • Aguia Resources (TSX-V:AGRL) closed a C$10.54 million offering underwritten by a syndicate led by Paradigm Capital on a best efforts basis. Each unit included half a warrant that expires in 36 months.
  • Black Dragon Gold (TSX-V:BDG) closed a C$8.56 million offering on a best efforts basis.

 

Company news

LiCo Energy Metals (TSXV: LIC) announce results from a TEM geophysical survey over its Purickuta project within the Salar de Atacama, Chile.

  • Detected a conductive unit interpreted as brines, divided into two sub units: one with thickness varing between 6.3m and 22m and; another layer detected under the saline crust, with thickness of 3 and 7m, and again under the unit of high conductivity with a greater thickness of 100m.
  • LiCo is planning a 300m diamond drill hole test to determine the lithium bearing capacity of the aquifer

Analysis

The geophysics enables LiCo to vector in on where to drill test to assess the lithium-bearing potential of Purickuta. The forthcoming drilling will provide additional information/confirmation.

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