Sponsors

show more ▾

Mining Deal Club

OMDC Graphic 1

top banners orenthink

Orenthink

Top 10 Financings for November 2017

November 2017 saw 107 deals close in the Canadian financial markets for an aggregate C$477.9 million, up 5% on the $455.0 million closed in October. The average size per closing remained at $4.6 million as it was in October, when 100 deals closed.

October saw 50 gold deals close for $285.8 million at an average of $5.3 million, up 28.4% in total value terms compared to the $222.5 million closed in 53 deals at an average of $4.8 million in November.

November saw 12 brokered deals and eight bought deals for an aggregate of $145.4 million at an average $19.3 million per bought deal.

The top ten deals by size announced in November totalled $345.9 million, up 9.32% from the $316.4 million announced in November. Gold took two of the top three spots with Solgolds (TSX:SOLG) $75.6 million raise and Dalradian Resources’ $49.9 million raise. Ecuador figured prominently too, with Lumina Gold’s (TSXV:LUM) $20 million raise in addition to Solgold’s.

Lithium claimed three of the top ten financings announced for an aggregate of $75 million between Neo Lithium (TSXV:NLC), Millennial Lithium (TSXV:ML) and Lithium X Energy (TSXV:LIX).

#1 Solgold              $75.6 million

SolGold (TSX:SOLG) opened and closed a  £45.0 million (C$75.6 million) bought deal private placement of 180.0 million @ £0.25 pence (C$0.42). The gross proceeds will be used for exploration and studies to advance its flagship Cascabel project and selective regional exploration in Ecuador.

#2 MAG Silver         $61.6 million

MAG Silver (TSX:MAG) opened and closed a non-brokered private placement offering of 4.6 million shares to existing shareholders @ US$10.47 for gross proceeds of US$48.16 million. MAG intends to use the net proceeds to fund exploration and development of the Juanicipio silver project in Mexico.

#3 Dalradian Resources        $49.9 million

Dalradian Resources (TSX:DNA) closed a private placement with Orion Mine Finance (34.0 million) and Osisko Gold Royalties (19.2 million) shares @ C$1.47 for gross proceeds of C$78.2 million). Orion now owns 9.6% and Osisko 8.9% of Dalradian.    

Read More
68 Hits
0 Comments

Oreninc Index Update: December 11, 2017

ORENINC INDEX soars on year-end flow-through deals

 

ORENINC INDEX - Monday, December 11th, 2017

North America’s leading junior mining finance data provider

 

ORENINC MINING DEAL CLUB
Access to high-quality, pre-vetted financing opportunities
www.miningdealclub.com

 

Last week index score: 65.53

This week: 120.11

 

Castle Silver Resources (TSXV:) reported that an initial work program at its Beaver property, a former silver producer in Cobalt, Ontario, Canada returned high-grade cobalt from three composite samples.

NuLegacy Gold (TSXV:NUG) permits Western Slope for drilling.

LiCo Energy Metals (TSXV:LICO) received C$1.2 million from the exercise of warrants and options.

 

The Oreninc Index almost doubled in the week ending December 8th, 2017 to 120.11 from 65.53 as the approach of the end of year brought a slew of flow-through deals.

With tax loss selling season in full swing, and a strong dollar, gold fell to a four-month low this past week and silver is almost at a five-month low. Most of the world’s stock markets continue to be at near record levels or multi-year highs.

With the first gestures towards rapprochement between North Korea and the United States, tensions in East Asia show signs of easing. Unfortunately, in the Middle East, US President Donald Trump came through on an election promise and broke with decades of international effort to unilaterally declare Jerusalem the true capital of Israel. This sparked violent protests in the Gaza Strip and across the occupied West Bank and the opprobrium of the international community.

Total fund raises announced more than tripled to C$342.9 million, a 292-week high, which included twelve brokered financing for C$234.7 million, a 75-week high, and three bought-deal financings for C$107.9 million, a 45-week high. The average offer size also tripled to C$6.7 million, a 47-week high, whilst the total number of financings announced stayed level at 51.

Gold took a plunge to close at US$1,248/oz from US$1,280/oz a week ago. Gold is now up 8.8% since the start of the year. The van Eck managed GDXJ followed suit and closed down at US$30.33 from US$31.75 last week. It is now down 11.26% so far in 2017. The US Global Go Gold ETF showed a similar chart to close at US$11.81 from US$12.27 last week. The SPDR GLD ETF saw some selling to close at 842 tonnes from 848 tonnes a week ago.

In other commodities, silver also took a beating to close at US$15.86/of from US$16.44 a week ago. Copper also took a hit to close under the US$3/lb mark at US$2.97/lb from US3.09/lb last week. Oil also slipped to close down at US$57.36 a barrel from US$58.36 a barrel a week ago.

The Dow Jones Industrial Average returned to growth mode to close at 24,329 from 24,231 last week. Canada’s S&P/TSX Composite Index also saw growth to close at 16,096 from 16,038 the previous week. The S&P/TSX Venture Composite Index also saw growth to close at 792.96 from 789.00 the previous week.

 

Summary:

  • Number of financings stayed level at 51, a 35-week high.
  • 12 brokered financings were announced this week for C$234.7m, a 75-week high.
  • Three bought-deal financings were announced this week for C$107.9m, a 45-week high.
  • Total dollars jumped to C$342.9m, a 292-week high.
  • Average offer size also grew to C$6.7m, a 47-week high.

 

Financing Highlights

Atalaya Mining (TSX:AYM) announced an equity raise of up to £39 million raise of 23.3 million shares @ £1.67, of which the company placed 18.6 million shares @ £1.67 for gross proceeds of £31 million.

  • Proceeds are to fund the 15Mtpa expansion at its Riotinto project in Spain to upgrade processing facilities to increase copper production to 50,000–55,000 tonnes per year.
  • Placement with BMO Capital Markets and Canaccord Genuity were joint bookrunners

 

Major Financing Openings:

  • Atalaya Mining (TSX:AYM) opened a C$66.66 million offering underwritten by a syndicate led by BMO Capital Markets on a best efforts basis. The deal is expected to close on or about December 12th.
  • Alphamin Resources (TSXV:AFM) opened a C$39.89 million offering underwritten by a syndicate led by Sprott Capital Partners on a best efforts basis. Each unit includes half a warrant that expires in 36 months.
  • Alphamin Resources (TSXV:AFM) opened a C$31.53 million offering on a strategic deal basis. Each unit includes half a warrant that expires in 36 months.
  • Largo Resources (TSXV:LGO) opened a C$25 million offering on a best efforts basis.  Each unit includes half a warrant that expires in 60 months. The deal is expected to close on or about December 7th.

 

Major Financing Closings:

  • Reunion Gold (TSXV:RGD) closed a C$9.12 million offering on a strategic deal basis.
  • Cartier Resources (TSXV:ECR) closed a C$4 million offering underwritten by a syndicate led by Sprott Capital Partners on a bought deal basis.
  • Corvus Gold (TSX:KOR) closed a C$3.25 million offering on a best efforts basis.
  • Corex Gold (TSXV:CGE) closed a C$2.33 million offering on a best efforts basis.

 

Company news

Castle Silver Resources (TSXV:) reported that an initial work program at its Beaver property, a former silver producer in Cobalt, Ontario, Canada returned high-grade cobalt from three composite samples.

  • The three composite samples averaged 4.68% Co, 46.9g/t Ag, 3.09% Ni & 0.08g/t Au
  • To better reflect its focus on cobalt, Castle Silver Resources will propose a name change at its upcoming AGM in February.

 

Analysis

The sampling results highlight the cobalt potential of the Beaver property and add to the overall cobalt exploration story of the company.

 

NuLegacy Gold (TSXV:NUG) permits Western Slope for drilling.

  • With permits received for Western Slope, a road is now construction with two holes to be drilled before winter and the remainder in spring 2018.
  • The 4,900m, 16-hole, fall drilling program is two-thirds complete. Assays are expected by late December 2017/early January 2018.

Analysis

Western Slope is one of the drill targets generated by the company during its 2017 exploration program. The target—to the west of the company’s Iceberg deposits—has not previously been drilled. The company believes the favourable gold horizon is protected by basalt cover and therefore has not eroded.

 

LiCo Energy Metals (TSXV:LIC) received C$1.2 million from the exercise of warrants and options.

  • This amount, in addition to the recently closed non-brokered private placement offering of C$960,000, has put C$2.2 million into its treasury since November 9th.
  • LiCo will allocate C$640,000 to a future Canadian exploration program in accordance with its flow through spending requirements.
  • The 2018 Canadian exploration program will be finalised once the final assay results are received from the diamond drilling programs at the Bucke and Teledyne properties.

 

 

Read More
87 Hits
0 Comments

Oreninc Index Update: December 4th, 2017

ORENINC INDEX gains despite less dollars being raised    

 

ORENINC INDEX - Monday, December 4th, 2017

North America’s leading junior mining finance data provider

 

Follow us on facebook and find us on Twitter @Oreninc

Last week index score: 54.36

This week: 65.53

NuLegacy Gold (TSXV:NUG) appointed Charles Weakly as district geologist.

LiCo Energy Metals (TSXV: LIC) reported drill results from the recently completed program on the Glencore Bucke Property in Cobalt, Ontario, Canada.

Zinc One Resources (TSXV:Z) reported that Nubian Resources completed due diligence to acquire the Esquilache silver-lead-zinc project from the company.

Castle Silver Resources (TSXV) reported that ongoing underground sampling returned high-grade cobalt from additional areas at the Castle mine near Gowganda, Ontario, Canada.

 

The Oreninc Index climbed in the week ending December 1st, 2017 to 65.53 from 54.36 due to an increase in brokered financings and overall financings although the amount sought declined.

Gold experienced another week of unfulfilled promises. After starting strongly and approaching the US$1,300/oz mark on Monday, it saw three consecutive days of losses before recovering Friday to end the week at US$1,280/oz as the US economy continued to strengthen. Mid-week, the US Commerce Department said that the GDP estimate for the third quarter showed the US economy expand by 3.3%, up from a first estimate of 3.0%.

US president Donald Trump looks like he has obtained the first major legislative achievement of his administration as the Senate passed the tax reform bill. This will be the first major tax shakeup in the US in some thirty years, since 1986, with US$1.4T in tax cuts coming, which is likely to be negative for gold.

Total fund raises announced decreased again to C$98.5 million, a six-week low, which included three brokered financing for C$13.0 million, a three-week high, and one bought-deal financing for C$6.0 million, a three-week high. The average offer size fell by more than half to C$1.9 million, a six-week low, whilst the total number of financings announced increased to 51, a 34-week high.

Gold had a losing week to close at US$1,280/oz from US$1,288/oz a week ago. Gold is now up 11.6% since the start of the year. The van Eck managed GDXJ followed suit and closed down at US$31.75 from US$32.18 from. It is now up .6% so far in 2017. The US Global Go Gold ETF showed a similar chart to close at US$12.27 from US$12.44 last week. The SPDR GLD ETF added to inventories to close at 848 tonnes from 843 tonnes a week ago.

In other commodities, silver took a beating to close at US$16.44 from US$17.05/oz a week ago. Copper also took a hit to close at US3.09/lb from US$3.19/lb last week. Oil slipped a little to close down at US$58.36 a barrel from US$58.95 a barrel a week ago despite ministers from OPEC member states and Russia agreeing to extend the current output cuts until the end of 2018.

Following a flat week, the Dow Jones Industrial Average received a big boost as the week ended to close at 24,231 from 23,557 last week. Canada’s S&P/TSX Composite Index slipped to close at 16,038 from 16,108 the previous week. The S&P/TSX Venture Composite Index slipped to close at 789.00 from 794.01 the previous week.

Summary:

  • Number of financings grew to 51, a 34-week high.
  • Three brokered financings were announced this week for C$13.0m, a three-week high.
  • One bought-deal financing was announced this week for C$6m, a three-week high.
  • Total dollars decreased to C$98.5m, a six-week low.
  • Average offer size dropped to C$1.9m, a six-week low.

 

Financing Highlights

New Pacific Metals (TSXV:NUAG) opened a C$22.72 million offering on a strategic deal basis.

  • Pan American Silver to take 16.0 million and Silvercorp Metals to take 3.0 million units @ C$1.42 per for gross proceeds of C$27.0 million.
  • Each unit includes half a warrant that expires in 18 months.
  • The proceeds will for exploration and/or development on its Silver Sand project in Potosí, Bolivia.

Reunion Gold (TSXV:RGD) opened a C$9.12 million offering on a strategic deal basis.

  • Barrick Gold to purchase 48 million shares @ C$0.19 for gross proceeds of C$9.12 million.
  • Barrick will own about 15% of Reunion.
  • The proceeds will be used to fund exploration and development costs of Reunion’s gold exploration projects in French Guiana and Guyana.
  • The deal is expected to close on or about November 30th.

 

Major Financing Openings:

  • New Pacific Metals (TSXV:NUAG) opened a C$22.72 million offering on a strategic deal basis. Each unit includes half a warrant that expires in 18 months.
  • Reunion Gold (TSXV:RGD) opened a C$9.12 million offering on a strategic deal basis. The deal is expected to close on or about November 30th.
  • MGX Minerals (CSE:XMG) opened a C$7.5 million offering on a best efforts basis. Each unit includes a warrant that expires in 36 months. The deal is expected to close on or about December 4th.
  • SilverCrest Metals (TSXV:SIL) opened a C$6 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis. Each unit includes half a warrant that expires in 24 months. The deal is expected to close on or about December 19th.

Major Financing Closings:

  • Solgold (TSX:SOLG) closed a C$75.6 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis.    
  • MAG Silver (TSX:MAG) closed a C$61.58 million offering on a best efforts basis.
  • Dalradian Resources (TSX:DNA) closed a C$50 million offering on a strategic deal basis with Orion Mine Finance.  
  • Dalradian Resources (TSX:DNA) closed a C$28.25 million offering on a strategic deal basis with Osisko Gold Royalties.

Company news

NuLegacy Gold (TSXV:NUG) appointed Charles Weakly as district geologist.

  • Weakly to the discovery of over 10Moz Au for Barrick Gold in several deposits in the Goldstrike and Cortez districts. The Cortez district has three established multi-million-ounce deposits immediately north-west of NuLegacy's Red Hill gold property.

 

Analysis

Known in Nevada as the gold finder, adding Weakly to the NuLegacy geological team is a real coup for the company as it will bolster efforts to establish a multi-million-ounce resource at Red Hill.

 

Zinc One Resources (TSXV:Z) reported that Nubian Resources completed due diligence to acquire the Esquilache silver-lead-zinc project from the company.

  • Esquilache is a former underground lead-zinc mine and adjacent Virgen de Chapi prospect in Puno, Peru.
  • A definitive purchase agreement will be completed by December 22nd.
  • Nubian advanced $25,000 to Zinc One reducing the cash amount owing on closing from $125,000 to $100,000, which amount will be in addition to the $475,000 in common shares due to the company.
  • The project is subject to a 2% NSR.

 

Analysis

The sale of Esquilache provides Zinc One with additional financing with which to focus on the advancement of the Bongará and Charlotte Bongará projects in Peru.

 

Castle Silver Resources (TSXV) reported that ongoing underground sampling returned high-grade cobalt from additional areas at the Castle mine near Gowganda, Ontario, Canada.

  • Highlights included 3.1% Co in sample CSR-UG-T-2
  • Areas prospective for cobalt mineralization were highlighted through XRF analysis of the first level workings. Sampling is designed to gain a better understanding of the grade intensity and distribution in order to prioritize underground drill targets.

 

Analysis

Sampling is returning encouraging cobalt grades that supports the company’s thesis that past operators may have left much behind due to their focus on mining high-grade silver.

 

LiCo Energy Metals (TSXV: LIC) reported drill results from the recently completed program on the Glencore Bucke Property in Cobalt, Ontario, Canada.

  • Highlights included 2.0, @ 1.11% Co, 16.6 ppm Ag in hole GB17-07 
  • On Glencore Bucke, LiCo has completed 21 diamond drill holes totaling 1,900m, testing the Main and Northwest zones.
  • Drilling has confirmed and extended the cobalt mineralization with grades consistent with historical grades and widths.

Analysis

Drilling intersected cobalt style mineralization in every drill hole completed with four of the seven holes assayed to date returning grades of more than 1% cobalt as well as encouraging silver and copper results. LiCo has a good base for follow-up exploration in 2018.

LiCo also reported assay results for the first diamond drill hole at its Teledyne property at Cobalt, Ontario, Canada.

6.0m @ 0.62% Co in hole TE1701

11 diamond drill holes totaling 2,200m have been drilled at Teledyne

Analysis

The company is being successful replicating the historical drill results. The test for the company will be building upon these to expand and define a resource.

 

Read More
139 Hits
0 Comments

Oreninc: Interview Session with Mickey Fulp - Episode 16

Our bi-weekly interview series with the Mercenary Geologist, Mickey Fulp and Kai Hoffmann

Recorded on November 29, 2017

Topics discussed:
- Oreninc Index - seasonality and missed opportunities
- Tax-Loss-Selling in the junior space
- Uranium market
- Numbers of the week

Participants:
- Mickey Fulp, Mercenary Geologist
- Paul Harris, Editor at Oreninc / Colombia Gold Letter
- Kai Hoffmann, CEO Oreninc

VISIT www.oreninc.com
VISIT www.goldgeologist.com
VISIT http://colombiagold.co/en/blog/
VISIT www.miningdealclub.com

 

Read More
207 Hits
0 Comments

Oreninc Index Update: November 27th, 2017

ORENINC INDEX falls as activity weakens

 

ORENINC INDEX - Monday, November 27th, 2017

North America’s leading junior mining finance data provider

 

Follow us on facebook and find us on Twitter @Oreninc

Last week index score: 55.59

This week: 54.36

LiCo Energy Metals (TSXV:LIC) received C$600,000 from a non-brokered private placement.

The Oreninc Index fell in the week ending November 24th, 2017 to 54.36 from 55.59 as financings experienced a slow week, possibly due to the US Thanksgiving holiday.

Gold prices increased last week with a softer US dollar ahead of the release of the minutes from the last US Federal Reserve meeting, where it kept interest rates unchanged. Citi bank released a report stated that the geopolitical case for gold investment has increased in recent months with prices likely to be buoyed by the "new normal" of elevated geopolitical tensions over the coming years. Citi analysts forecast that gold will "push north of US$1,400/oz for sustained periods" through to 2020.

That said, it was another relatively week on the geopolitical front that saw a peaceful change of ruler in Zimbabwe as 93-year old president Robert Mugabe stepped aside after 37 years in power and president Emmerson Mnangagwa was sworn in.

In Europe, negotiations of the UK’s exit from the European Union are reaching a crucial make-or-break moment, with many commentators opining that the lack of progress and unrealistic negotiating posture of the UK means that a hard exit will occur, that will see future trade relations be governed by standard WTO most-favoured nation tariffs. The Republic of Ireland is now weighing-in on the action declaring that it will veto any move that does not guarantee a free and open border with Northern Ireland. Looking ahead to how this will play out. One could paraphrase the truism about how one creates a small fortune in mining.

Total fund raises announced decreased again to C$139.8 million, a three-week low, which included two brokered financing for C$5.4 million, a two-week high, and no bought-deal financings, a seven-week low. The average offer size fell slightly to C$4.0 million, a three-week low, whilst the total number of financings announced decreased to 35, a two-week low.

Gold had an up-and-down week, losing a little ground to close at US$1,290/oz from US$1,292/oz a week ago. Gold is now up 12.6% since the start of the year. The van Eck managed GDXJ followed suit and closed down at US$32.18 from US$32.40 a week ago. It is now up 2.0% so far in 2017. The US Global Go Gold ETF showed a similar chart to close at US$12.44 from US$12.48 last week. The SPDR GLD ETF saw inventories remain the same at 843 tonnes as they were a week ago.

In other commodities, silver lost ground though it managed to remain above the US$17/oz mark to close at US$17.12/oz from US$17.31/oz a week ago. Copper had a strong week to close at US$3.15/lb from US$3.09/lb last week. Oil posted a similar chart to copper as it closed up at US$58.54 a barrel down from US$56.55 a week ago.

The Dow Jones Industrial Average returned to growth to close at 23,557 from 23,358 last week. Canada’s S&P/TSX Composite Index climbed back over 16,000 to close at 16,108 from 15,998 the previous week. The S&P/TSX Venture Composite Index slipped to close at 794.08 from 799.35 the previous week.

Summary:

  • Number of financings decreased to 35, a two-week low.
  • Two brokered financings were announced this week for C$5.4m, a two-week high.
  • No bought-deal financings were announced this week, a seven-week low.
  • Total dollars fell to C$139.8m, a three-week low.
  • Average offer size also fell to C$4.0m, a three-week low.

 

Financing Highlights

 

Itafos (TSXV:IFOS) opened a C$96 million offering on a best efforts basis. The deal is expected to close on or about December 12th.

  • Issuance of 45.7 million shares @ C$2.10
  • Zaff, a company insider that owns or controls 60.78% of the company agreed to purchase its pro rata portion of the offering.
  • Funds will be used to fund acquisitions and provide working capital.
  • Italfos has signed a purchase agreement with Agrium (TSX:AGU) to acquire its Conda phosphate operations in Idaho, USA, an integrated producer of phosphate fertilizers and specialty products, for total US$100 million.
  • Conda produces about 540,000tpy of mono-ammonium phosphate, super phosphoric acid, merchant grade phosphoric acid and specialty products.

Major Financing Openings:

  • Itafos (TSXV:IFOS) opened a C$96 million offering on a best efforts basis. The deal is expected to close on or about December 12th.
  • Red Eagle Mining (TSX:R) opened a C$8.24 million offering on a best efforts basis. Each unit includes a warrant that expires in 57 months.
  • Argentina Lithium & Energy (TSXV:LIT) opened a C$3.3 million offering on a best efforts basis. Each unit includes a warrant that expires in 12 months.
  • Montego Resources (CSE:MY) opened a C$3 million offering on a best efforts basis. Each unit includes a warrant that expires in 12 months.

Major Financing Closings:

  • Neo Lithium (TSXV:NLC) closed a C$30.04 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis.
  • Millennial Lithium (TSXV:ML) closed a C$30 million offering on a strategic deal basis.
  • Cardinal Resources (TSX:CDV) closed a C$12 million offering underwritten by a syndicate led by Clarus Securities on a bought deal basis.
  • Consolidated Westview Resource (C:CWS.H) closed a C$5.12 million offering on a best efforts basis.

Company news

LiCo Energy Metals (TSXV:LIC) received C$600,000 from a non-brokered private placement.

  • 8.0 million share purchase warrants @ C$0.075.
  • The company is seeking to raise up to C$960,000 via 8.0 million flowthrough units and up to 4.0 million non flowthrough units @ C$0.08. Each unit is comprised of one share and one warrant exercisable @ C$0.10 for two years.
  • The proceeds will be used to advance its Teledyne and Glencore Bucke Properties, in Cobalt Ontario, Canada.

 

Read More
161 Hits
0 Comments
Powered by EasyBlog for Joomla!