Sponsors

show more ▾

Mining Deal Club

OMDC Graphic 1

top banners orenthink

Orenthink

Jared M Lemen has not set their biography yet

Oreninc Index Update: November 20th, 2017

ORENINC INDEX falls as brokered deals dry up

 

ORENINC INDEX - Monday, November 20th, 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: 72.44

This week: 55.59

 

LiCo Energy Metals (TSXV:LIC) provided an update on the diamond drilling program at its Teledyne and Glencore Bucke properties in Ontario, Canada.

Castle Silver Resources (TSXV:CSR) said an exploratory surface drill program intersected mineralization in each hole within 200m of the adit at the Castle Silver mine in Canada.

 

The Oreninc Index fell in the week ending November 17th, 2017 to 55.59 from 72.44 as the number of bought deals and brokered financings fell.

A quiet week on the geopolitical front in which perhaps the standout news item was a military takeover in Zimbabwe to force 93-year old president Robert Mugabe to stand aside after almost four decades in power.

Meanwhile, US president Donald Trump returned from his 12-day tour of Asia with a work agenda that includes trying to get his tax plan approved.

Total fund raises announced decreased ever-so-slightly to C$146.2 million, a two-week low, which included one brokered financing for C$2.7 million, a six-week low, and no bought-deal financings, also a six-week low. The average offer size fell slightly to C$4.1 million, a two-week low, whilst the total number of financings announced increased to 36, a two-week high.

Gold had a better week, making a run to regain the US$1,300/oz mark as it closed up at US$1,292/oz from US$1,275/oz a week ago. Gold is now up 12.6% since the start of the year. The van Eck managed GDXJ posted a similar growth chart, closing at US$32.40 from US$32.11 a week ago. It is now up 2.69% so far in 2017. The US Global Go Gold ETF also showed a similar chart to close at US$12.48 from US$12.34 last week. The SPDR GLD ETF saw inventories remain the same at 843 tonnes as they were a week ago.

In other commodities, silver also posted strong growth to close well above the US$17/oz mark at US$17.31/oz up from US$16.88/oz a week ago. Copper gained a little after a volatile week to close at US$3.09/lb from US$3.07/lb last week. Oil had an up-and-down week and closed slightly down at US$56.55 a barrel from US$56.74 a barrel a week ago.

The Dow Jones Industrial Average experienced a second losing week on the bounce to close at 23,358 from 23,422 last week. Canada’s S&P/TSX Composite Index slipped under 16,000 to close at 15,998 from 16,039 the previous week. The S&P/TSX Venture Composite Index saw more growth to close at 799.35 up from 796.48 the previous week.

This week also saw Oreninc CEO Kai Hoffmann present and moderate the finance panel at the Colombia Gold Symposium in Medellin, Colombia.

 

Summary:

  • Number of financings increased to 36, a two-week high.
  • One brokered financing was announced this week for C$2.7m, a six-week low.
  • No bought-deal financings were announced this week, a six-week low.
  • Total dollars slightly decreased to C$146.1m, a two-week low.
  • Average offer size also slightly lowered to C$4.1m, a two-week low.

 

Financing Highlights

MAG Silver (TSX:MAG) opened a C$56.1 million offering on a best efforts basis. The deal is expected to close on or about November 28th.

  • Offering of up to 4.2 million shares @ US$10.47 for gross proceeds of US$44.0 million that was subsequently increased to US$48.2 million.
  • The proceeds will fund exploration and development of the Juanicipio project in Mexico that is being developed in partnership with Fresnillo.

Millennial Lithium (TSXV:ML) opened a C$30 million offering on a strategic deal basis.

  • Strategic investment from Million Surge Holdings, a subsidiary of Golden Concord Group, one of the largest integrated energy services providers in China that specializes in clean energy and new energy.
  • Million Surge will acquire 12.0 million shares @ C$2.50 in two tranches for the aggregate amount of C$30 million.
  • A preliminary economic assessment is underway for Millennial’s Pastos Grandes project in Argentina.

 

Major Financing Openings:

  • MAG Silver (TSX:MAG) opened a C$56.1 million offering on a best efforts basis. The deal is expected to close on or about November 28th.
  • Millennial Lithium (TSXV:ML) opened a C$30 million offering on a strategic deal basis.
  • Eco Atlantic Oil and Gas (TSXV:EOG) opened a C$14 million offering on a strategic deal basis.
  • Bankers Cobalt (TSXV:BANC) opened a C$6 million offering on a best efforts basis. Each unit includes a warrant that expires in 36 months.

Major Financing Closings:

  • Aquila Resources (TSX:AQA) closed a C$12.79 million offering on a strategic deal basis. Each unit included half a warrant that expires in 42 months.
  • Galway Metals (TSXV:GWM) closed a C$4.13 million offering on a best efforts basis. Each unit included half a warrant that expires in 24 months.
  • Kairos Capital (TSXV:KRS) closed a C$3.5 million offering on a best efforts basis. Each unit included half a warrant that expires in 18 months.
  • Miramont Resources (CSE:MONT) closed a C$3 million offering underwritten by a syndicate led by Red Cloud Klondike Strike on a best efforts basis.

Company news

LiCo Energy Metals (TSXV:LIC) provided an update on the diamond drilling program at its Teledyne and Glencore Bucke properties in Ontario, Canada.

  • The company has completed 27 diamond drill holes for a combined depth of about 3,106m to confirm and extend the existing known mineralization and to provide sufficient information to calculate a NI 43101 complaint resource estimate.
  • On Glencore Bucke, it completed 21 holes totalling 1,900m, testing the Main and Northwest zones. The drill program has been completed as planned.
  • On Teledyne, 1,206m has been completed in six holes and intersected Cobalt camp style mineralization in each drill hole. Drilling is expected to continue through November and early December.

 

Castle Silver Resources (TSXV:CSR) said an exploratory surface drill program intersected mineralization in each hole within 200m of the adit at the Castle Silver mine in Canada.

  • Highlights included 0.65m @ 1.55% Co, 0.65% Ni, 0.61g/t Au & 8.8g/t Ag over 0.65.

Analysis

The results show that the historical mine operators overlooked the potential for cobalt, gold and base metals at the Castle mine.

Read More
40 Hits
0 Comments

Oreninc Index Update: November 13th, 2017

ORENINC INDEX falls although major deals announced

 

ORENINC INDEX - Monday, November 13th, 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: 75.58

This week: 72.44

 

LiCo Energy Metals (TSXV:LIC) reported assay results for the first five diamond drill holes from its ongoing drill program on the Glencore Bucke Property in Ontario, Canada.

Prospero Silver (TSXV:PSL) provided a preliminary update on the first-stage reconnaissance drilling of its Petate project in Hidalgo, Mexico.

 

The Oreninc Index fell slightly in the week ending November 10th, 2017 to 72.44 from 75.58 as the number of financings fell despite the amounts announced increasing.

The past week was very interesting from a geopolitical point of view. US president Donald Trump is engaged in a 12-day tour of Asia and whilst showing some restraint—and dare I say it, diplomacy—during his visit to China, he immediately followed this with a tirade at the Asia-Pacific Economic Co-operation (Apec) summit in Vietnam, at what he labelled “chronic trade abuses”. Trump set out an isolationist tone at the summit that contrasted starkly with the open cooperativeness of China’s leader Xi Jinping. Trump favours bilateral trade agreements rather than multilateral ones, as with one of two exceptions, US economic might means that its interests will always obtain the upper hand in bilateral agreements as the UK will find out in a little over a year if it does indeed leave the European Union.

In the Middle East, tensions are mounting as a power struggle between Saudi Arabia and Iran escalates—which can also be viewed as the Sunni cast of Islam against the Shia cast—as Crown Prince Mohammed bin Salman moves to consolidate his position and impose his vision for the future. This vision includes a clampdown on corruption on the domestic front where some 200-people including high-ranking officials were arrested, and now, seemingly going head-to-head with Iran following an attempted missile strike on Riyadh airport that bin Salman claimed was military aggression by Iran. The prices for both gold and oil have responded to events in the Middle East.

Total fund raises announced decreased slightly to C$146.6 million, a four-week high, which included five brokered financings for C$106.7 million, a 20-week high, and three bought-deal financings for C$89.7 million, a 34-week high. The average offer size doubled to C$4.9 million, a four-week high, whilst the total number of financings announced fell to 30, a three-week low.

Gold had another up-and-down week although it managed to close slightly higher at US$1,275/oz from US$1,269/oz a week ago. Gold is now up 11.1% since the start of the year. The van Eck managed GDXJ had a stagnant week, closing at US$32.11 from US$32.12 a week ago. It is now up 1.77% so far in 2017. The US Global Go Gold ETF fared slightly better to close at US$12.34 up from US$12.24 last week. The SPDR GLD ETF saw inventories continue to sell down to close the week at 843 tonnes from 846 tonnes a week ago.

In other commodities, silver had a volatile week moving either side of US$17/oz before closing at US$16.88/oz up from US$16.84/oz a week ago. Copper gad a weak week and giving up ground to close at US$3.07/lb from US$3.11/lb last week. Oil continued its surge upwards and closed the week at US$56.74 a barrel from US$55.64 a barrel a week ago.

The Dow Jones Industrial Average finally had a losing week but not before hitting a new record 23,563 mid-week, before it closed at 23,422 from 23,539 last week. Canada’s S&P/TSX Composite Index posted a similar growth chart to the Dow’s and hit a record 16,131 before closing at 16,039 up from 16,020 the previous week. The S&P/TSX Venture Composite Index saw more growth to close at 796.48 from 791.98 the previous week.

 

Summary:

  • Number of financings decreased to 30, a three-week low.
  • Five brokered financings were announced this week for C$106.7m, a 20-week high.
  • Three bought-deal financings were announced this week for C$89.7, a 34-week high.
  • Total dollars increased to C$146.6m, a four-week high.
  • Average offer size doubled to C$4.9m, a four-week high.

 

Financing Highlights

 

Solgold (TSX:SOLG) opened a C$75.6 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis.

  • 180 million shares @ £0.25.
  • Net proceeds will be used for exploration and studies to advance its Cascabel project in northern Ecuador, where it has over ten drill rigs operating.

 

Lumina Gold (TSXV:LUM) opened a C$15 million offering underwritten by a syndicate led by Raymond James on a best efforts basis. The deal is expected to close on or about November 29th.

  • Subsequently increased to C$20 million
  • Up to 32.3 million shares @ C$0.62.
  • Proceeds will be used for the exploration and advancement of Lumina’s projects in Ecuador including drilling at its Condor gold deposit and drilling at its Cangrejos deposit.

 

 

Major Financing Openings:

  • Solgold (TSX:SOLG) opened a C$75.6 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis.
  • Lumina Gold (TSXV:LUM) opened a C$15 million offering underwritten by a syndicate led by Raymond James on a best efforts basis. The deal is expected to close on or about November 29th.
  • Aquila Resources (TSX:AQA) opened a C$12.78 million offering on a strategic deal basis. Each unit includes half a warrant that expires in 42 months.
  • Northern Empire Resources (TSXV:NM) opened a C$10.08 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis. The deal is expected to close on or about November 28th.

Major Financing Closings:

  • LSC Lithium (TSXV:LSC) closed a C$6 million offering underwritten by a syndicate led by GMP Securities on a best efforts basis. Each unit included half a warrant that expires in 36 months.
  • Plateau Uranium (TSXV:PLU) closed a C$1.8 million offering on a best efforts basis. Each unit included half a warrant that expires in 18 months.
  • Canada Zinc Metals (TSXV:CZX) closed a C$1.52 million offering on a best efforts basis.
  • Aintree Resources (TSXV:AIN.H) closed a C$1.05 million offering on a best efforts basis.

Company news

LiCo Energy Metals (TSXV:LIC) reported assay results for the first five diamond drill holes from its ongoing drill program on the Glencore Bucke Property in Ontario, Canada.

  • Highlights included 3.0m @ 0.31% Co in hole GB1701.
  • 19 diamond drill holes totalling 1,565m have been completed on Glencore Bucketo date testing the Northwest and Main Zones.
  • Drilling has confirmed and extended the cobalt mineralization on the property with grades that are consistent with historical grades and widths in the overall Cobalt Camp.
  • A second drill testing the Teledyne property has completed four holes for 804m as LiCo works towards creating a geological model and NI 43101 complaint mineral resource estimate.

Analysis

Obtaining similar grade and widths as the historical mining is encouraging, particularly as the mineralization was intersected near surface.

 

Prospero Silver (TSXV:PSL) provided a preliminary update on the first-stage reconnaissance drilling of its Petate project in Hidalgo, Mexico.

  • Eight shallow holes have been completed to establish structure and allow for more accurate targeting of deeper mineralized zones.
  • Initial holes are in the Apartadero zone, which had the highest gold and silver anomalies at surface.
  • Assay results were received from five drill holes with highlights including 3.4m @ 3.5g/t Au & 1.6g/t Ag in hole PET-17-01.
  • Prospero sees a strong correlation between the presence of black jasperoids after limestone and grade.

Analysis

Intersecting gold and silver grade in drill holes designed to test structural controls is encouraging. Shallow holes to be drilled soon will provide information on strike and dip of what Prospero thinks are the controlling structures. Figuring out the structural controls is a key step prior to targeting grade through drilling.

The drilling at Petate is being carried out as part of its reconnaissance drill campaign evaluation financed by strategic partner Fortuna Silver Mines Inc. over three of Prospero's projects

 

Read More
76 Hits
0 Comments

Top 10 Financings for October 2017

Top 10 Financings of October 2017

October 2017 saw 100 deals close in the Canadian financial markets for an aggregate C$455.0 million at an average of $4.6 million, up 56.4% in total dollar terms over September when 82 financings closed for $290.9 million at an average of $3.5 million.

October saw 53 gold deals close for $222.5 million at an average of $4.8 million, down 5.2% in total value terms from the $234.6 million raised in 59 gold deals in September at an average of $4.0 million. The top ten gold deals in October totalled $258.5 million, some 43.2% of the total.

The top ten deals by size in October totalled $316.4 million, up 60% from the $197.9 million that the top ten represented in September.

Gold companies took just one of the top seven spots, with potash, lithium, oil and base metals performing strongly.

 

#1 Encanto Potash                 $100.0 million

Encanto Potash (TSXV:EPO) secured a $100 million funding facility over three years with GEM Investments America and GEM Global Yield. Shares will be issued at 90% of the market price. The proceeds will be used to commence the engineering and design phase of a mine at Muskowekwan in Saskatchewan, Canada in anticipation of a shovel-ready construction date of September 2019.

 

#2 Osisko Mining   $92.4 million

Osisko Mining (TSX:OSK) completed a bought deal brokered private placement of 8.5 million shares @ $4.20 for aggregate gross proceeds of $57.4 million, and 8.3 million @ $4.20 for aggregate gross proceeds of $35.0 million led by Canaccord Genuity on behalf of a syndicate of underwriters. The gross proceeds will be used to fund Canadian exploration expenses.

 

#3 Questerre Energy                $31.1 million

Questerre Energy (TSX:QEC) closed an oversubscribed private placement @ $0.89 for gross of $31.1 million. The funds will allow the company to participate in the development of Kakwa natural gas project in Alberta, Canada and its St Lawrence Lowlands project in Quebec. 

Read More
101 Hits
0 Comments

Oreninc Index Update: November 6th, 2017

ORENINC INDEX increases as financings increase

 

ORENINC INDEX - Monday, November 6th, 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: 64.50 (Updated)

This week: 75.58

 

Prospero Silver (TSXV:PSL) received permits to drill its Bermudez project in northwest Chihuahua, Mexico.

Zinc One Resources (TSXV:Z) reported results from an ongoing surface-sampling at its Bongará zinc mine project in north-central Peru.

Castle Silver Resources (TSXV:CSR) signed a provisional milling agreement with Granada Gold Mine.

LiCo Energy Metals (TSXV:LIC) provided a drilling update on its Teledyne and Glencore Bucke cobalt properties near Cobalt, Ontario, Canada.

 

The Oreninc Index grew in the week ending November 3rd, 2017 to 75.58 from last week’s updated 64.50 as the number of brokered financings and bought deals increased even though the total raises announced fell.

The gold price was negatively impacted by the US unemployment rate falling to 4.1%, which is a 17-year low. With the Federal Reserve FOMC due to meet in early December, the market has priced-in the near certainty that it will increase interest rates to 1.25-1.50%. In the UK, the Bank of England raised interest rates for the first time in a decade to 0.5%. News flow, meanwhile has been low on geopolitics and dominated by Hollywood sex scandals. That could change abruptly as US president Donald Trump embarks of a tour of Asia. The US is a key ally of both Japan and South Korea—where it has based significant military forces—countries that feel increasingly threatened by North Korea’s push to develop ballistic nuclear missiles. The region is also of great interest to China and Russia, which oppose any increase in US presence. Let’s hope any explosions are restricted to the president’s Tweets.

Total fund raises announced decreased slightly to C$104.2 million, a two-week low, which included five brokered financings for C$68.5 million, a nine-week high, and two bought-deal financings for C$22.6 million, a three-week high. The average offer size fell however, to C$2.4 million, a two-week low, whilst the total number of financings announced increased to 43, a 21-week high.

Gold tread water for much of the week and closed down slightly at US$1,269/oz from US$1,273/oz a week ago. Gold is now up 10.7% since the start of the year. The van Eck managed GDXJ had a marginally positive week, rising to US$32.12 from US$32.10 a week ago. It is now up 1.81% so far in 2017. The US Global Go Gold ETF fared slightly better to close at US$12.24 from US$12.15 last week. The SPDR GLD ETF saw inventories continue to sell down to close the week at 846 tonnes from 851 tonnes a week ago.

In other commodities, silver fell also barely moved despite some earlier volatility, closing the week at US$16.84/oz from US$16.87/oz a week ago. Copper too had a flat week to close at US$3.11/lb from US$3.10/lb a week. Oil continued its upwards climb and hitting its highest level since July 2015, closing the week at US$55.64 a barrel from US$53.90 a barrel a week ago.

The Dow Jones Industrial Average continued to move deeper into record territory as it closed at 23,539 from 23,328 last week. Canada’s S&P/TSX Composite Index posted a similar growth chart to the Dow’s and broke through the 16,000-level to close up at 16,020 from 15,953 the previous week. The S&P/TSX Venture Composite Index saw slight growth to close at 791.98 from 787.38 the previous week.

 

Summary:

  • Number of financings increased to 43, a 21-week high.
  • Five brokered financings were announced this week for C$68.5m, a nine-week high.
  • Two bought-deal financings were announced this week for C$22.6, a three-week high.
  • Total dollars decreased to C$104.2m, a two-week low.
  • Average offer size also decreased to C$2.4m, a two-week low.

 

Financing Highlights

 

Avesoro Resources (TSX:ASO) opened a C$25.88 million offering underwritten by a syndicate led by Hannam & Partners and Numis Securities out of the UK and Sprott Capital Partners out of Toronto on a best efforts basis. Funds will be used for the proposed acquisition of the Youga and Balogo gold mines in Burkina Faso.

  • Purchase price of US$69.5 million via US$51.0 million in stock and US$18.5 million cash.
  • Avesoro conditionally raised £15.2 million (about US$20.0 million) through a placement at 1.9 pence.
  • The transaction will simplify the management structure by bringing two mines into the company from the wider Avesoro Jersey group.
  • Forecast proforma 2017 gold production of 180-190koz. Forecast 2018 production of 230koz.

 

Major Financing Openings:

  • Avesoro Resources (TSX:ASO) opened a C$25.88 million offering underwritten by a syndicate led by TBA on a best efforts basis.
  • Neo Lithium (TSXV:NLC) opened a C$20.09 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis. The deal is expected to close on or about November 21st.
  • Desert Star Resources (TSXV:DSR) opened a C$17 million offering underwritten by a syndicate led by BMO Capital Markets on a best efforts basis. Each unit includes half a warrant that expires in 36 months.
  • LSC Lithium (TSXV:LSC) opened a C$6 million offering underwritten by a syndicate led by GMP Securities on a best efforts basis. Each unit includes half a warrant that expires in 36 months. The deal is expected to close on or about November 9th.

Major Financing Closings:

  • Integra Resources (CSE:ITR) closed a C$27.26 million offering underwritten by a syndicate led by GMP Securities on a best efforts basis.
  • LSC Lithium (TSXV:LSC) closed a C$20 million offering underwritten by a syndicate led by GMP Securities on a best efforts basis.
  • Pure Gold Mining (TSXV:PGM) closed a C$19.19 million offering underwritten by a syndicate led by Macquarie Capital Markets Canada on a bought deal basis.
  • Lithium X Energy (TSXV:LIX) closed a C$14.97 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis.

 

Company news

 

Prospero Silver (TSXV:PSL) received permits to drill its Bermudez project in northwest Chihuahua, Mexico.

  • Drill testing at Bermudez is part of its on-going 6,950m reconnaissance drill campaign funded by strategic partner Fortuna Silver Mines.
  • Prospero is planning 2-4 holes in the first quarter of 2018.
  • Bermudez hosts a low sulphidation epithermal vein system that is exposed over a 2.5km by 50-100m area, suggesting potential to host an epithermal Au-Ag deposit.

Analysis

The drill permit will see Prospero continue on its programme to rapidly test a number of targets under its strategic deal with Fortuna Silver.

 

Zinc One Resources (TSXV:Z) reported results from an ongoing surface-sampling at its Bongará zinc mine project in north-central Peru.

  • Highlights included surface channel sample (#38) with 8.1m @ 47.73% Zn.
  • Sampling commenced at the northern end of a 1.4km trend of known high-grade, non-sulphide zinc mineralization at or near the surface.
  • These sampling results are in areas from the Bongarita and Mina Chica areas which were never drilled, but rather had numerous historic exploration pits, some of which were resampled.
  • Zinc One has applied for permits for 130 drill platforms.

Analysis

High-grade sampling results are an encouraging indication that Bongarita and Mina Chica hold significant potential. Their potential will be more rigorously tested in the near-future by the upcoming drill program, which will better delineate and expand the known mineralization at Bongará.

 

Castle Silver Resources (TSXV:CSR) signed a provisional milling agreement with Granada Gold Mine.

  • It allows the development of a mill flowsheet that can equally process the gold-bearing ore from Granada Gold Mine near Rouyn-Noranda in Quebec, Canada as well cobalt-silver-bearing mineralization from Castle’s property in Gowganda, Ontario.
  • The terms include batch processing a minimum of 600,000 tonnes of 4.0g/t Au ore from the Granada Gold Mine open pit over three years with an option to treat a further 1.4Mt of pre-concentrated waste rock.
  • The mill will be installed at the Castle Silver Mine
  • The US$20M for mill construction will be financed by debt and facilitated by a family office in the UK.
  • Castle CEO Frank Basa is also president & CEO of Granada. Dianne Tookenay and Jacques Monette are directors of both companies.

Analysis

If the agreement comes to fruition, it will provide Castle with a revenue stream as it advances the exploration and development of its Gowganda property and will therefore subsidise the cost of building the mill it will need.

 

LiCo Energy Metals (TSXV:LIC) provided a drilling update on its Teledyne and Glencore Bucke cobalt properties near Cobalt, Ontario, Canada.

  • LiCo completed 19 diamond drill holes for about 2,000m on its two cobalt mineral exploration properties: 16 on Glencore Bucke for about 1,400m and three at Teledyne for 600m.
  • Glencore Bucke drilling tested the Main and Northwest zones with visual cobalt camp style mineralization noted in every hole.
  • A second rig was added at Teledyne that also visually intersected Cobalt camp style mineralization.

Analysis

Initial indications appear positive from the drilling programme with cobalt camp style mineralization seen in each hole. However, the proof of the pudding will be the drill assay results.

Read More
101 Hits
0 Comments

Top 10's of Q3 2017

Top 10’s of Third Quarter 2017

The third quarter to September 30th saw 282 deals close in the Canadian financial markets for an aggregate C$958.7 million at an average of $3.4 million, down 29.9% from the second quarter to June 30th that saw $1.37 billion raised.

The third quarter saw 120 gold deals close for $502.1 million at an average of $4.2 million, down 17.1% from the $605.7 million raised in the second quarter in 193 deals, at an average of $3.1 million.

The top ten deals by size in the third quarter of 2017 totalled C$427.4, down 23.5% from the $558.7 million that the top ten accounted for in the second quarter.

Gold deal took seven of the top ten spots in the third quarter, with the biggest deal being for uranium at $65.2 million, with lithium and silver oil taking one spot each. The three top base metals deals were for zinc $28.7 million, tin $13.1 million and tin $12.8 million.

#1 NexGen Energy $65.2 million

NexGen Energy (TSX:NXE) raised $65.2 million in equity with CEF Holdings as part of a financing package totalling US$110 million that also included US$60 million in unsecured convertible debentures. The private placement saw the issuance of 24.1 million shares @ C$2.70. Proceeds from the financing are to fund the continuing exploration and development of the SW2 properties in Canada’s Athabasca Basin.

#2 McEwen Mining                  $57.3 million

McEwen Mining (TSX:MUX) closed a bought deal private placement including the exercise in full of the over-allotment of 22.0 million shares @ C$2.25 for C$50.2 million. The proceeds will be used to purchase the Black Fox Complex that is a producing underground gold mine in Timmins, Canada.

#3 Novo Resources                 $56.0 million

Novo Resources (TSXV:NVO) completed a non-brokered private placement with Kirkland Lake Gold as a new strategic investor. The financing was for 14.0 million units @ C$4.00. The net proceeds will be used for exploration and development.

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