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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. 

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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.

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Top 10 Financings of September 2017

Top Ten's of September 2017

September 2017 saw 82 deals close in the Canadian financial markets for an aggregate C$290.9 million at an average of $3.5 million, up 48.3% over August when 102 financings closed for $196.2 million at an average of $2.0 million.

September saw 59 gold deals close for $234.6 million at an average of $4.0 million, up 130% from the $102.0 million raised in 49 gold deals in August at an average of $1.6 million. The top ten gold deals in September represented 82.7% of the total at $193.9 million.

The top ten deals by size in September totalled $197.9 million, some 31.9% of the total compared to $113.1 million in August, some 57.6% of the total.

Gold companies took six of the top ten spots, with manganese, zinc, copper and other taking one spot each.

#1 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.

#2 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.

#3 Barkerville Gold Mines     $28.0 million

Barkerville Gold Mines (TSXV:BGM) completed a bought deal brokered private placement financing of 25.0 million flow-through shares @ $1.12 to fund the exploration and development of its Cariboo gold project in central British Columbia.

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Top 10 Financings of July 2017

July 2017 saw 138 financings close in the Canadian financial markets for C$656.1 million. 14 brokered financings closed in July for $249.1 million at an average size of $17.8 million, including ten bought deals for $186.8 million at an average size of $18.7 million.    

The top ten financings totalled $319.2 million with uranium company NexGen Energy taking top spot with $65.2 million. Gold companies took five of the top ten spots, with lithium, zinc and diversified one spot each.

#1 NexGen Energy $65.2 million

NexGen Energy (TSX: NXE) closed a US$50 million (C$65.2 million) stock placement with CEF Holdings and affiliates by selling 24.1 million shares @ C$2.70 to fund continuing exploration and development of its properties in the Athabasca Basin in Saskatchewan, Canada. The raise was part of a US$110 million financing with CEF Holdings and affiliates that in addition to the NexGen stock included US$60 million in unsecured convertible debentures. The debentures carry a 7.5% coupon over a 5-year term and are convertible into stock.

#2 Alio Gold $50.4 million

Alio Gold (TSX: ALO) raised $50.4 million to advance its Ana Paula gold project in Guerrero, Mexico via a bought deal underwritten by a syndicate led by Cormark Securities and Clarus Securities who purchased 8 million units @ $6.25. Each unit consisted of one share and half a warrant exercisable @ $8.00 for one year. The underwriters exercised their over-allotment option. Alio Gold was formerly Timmins Gold.

#3 New Pacific Holdings $44.1 million

New Pacific Holdings (TSXV: NUAG) closed financings for $44.1 million by selling 43.5 million subscription receipts @ US$0.80 for gross proceeds of US$34.8 million to pay the purchase price of the acquisition of Empresa Minera Alcira in Bolivia. Each subscription receipt is exercisable into one share. A subsidiary of Silvercorp Metals purchased 25 million subscription receipts. New Pacific subsequently raised an additional US$1.0 million by selling 1.3 million shares @ US$0.80. Alcira has seven silver-polymetallic mineral properties, the most significant of which is the Silver Sand property in Potosí department, which was drilled between 2012 and 2015.

 

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Top 10 Financings of June 2017

June 2017 saw 124 financings close in the Canadian financial markets for C$474.8 million. The top ten financings totalled $215.2 million with lithium taking the top two slots with two deals over $50 million. 19 brokered financings closed in June for $212.17 million at an average size of $11.2 million, including five bought deals for $105.2 million at an average size of $21.0 million.

In terms of gold, June saw 70 financings close totalling $164.7 million, some 34.7% of the total, with an average size of $1.7 million. This included 12 brokered financings for $91.5 million at an average size of $4.2 million, including three bought deals for $37.9 million at an average size of $12.6 million.

 

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#1 Lithium Americas $54.0 million

Lithium Americas (TSX: LAC) closed a US$40 million (C$54 million) financing as part of a US$172 million strategic financing with China’s Ganfeng Lithium to finance Lithium America’s share of developing the Cauchari-Olaroz project in Jujuy, Argentina. Ganfeng bought 63.75 million shares @ C$0.85 and also executed a credit agreement for a US$125 million together with an off-take agreement for the purchase and sale of lithium products. A financing agreement with Thailand’s Bangchak will complete Lithium America’s contribution towards project financing with Chile’s SQM funding the remaining 50% pf project development costs. Cauchari-Olaroz is due to be in production in 2019.

 

#2 Nemaska Lithium $50.0 million

Nemaska Lithium (TSX: NMX) closed a bought deal financing for aggregate gross proceeds of $50.0 million by selling 47.6 million shares @ $1.05 through a syndicate of underwriters comprised of National Bank Financial, Echelon Wealth Partners, Cormark Securities and Eight Capital, as co-lead underwriters, and CIBC World Markets, Canaccord Genuity, Industrial Alliance Securities and Laurentian Bank Securities. The proceeds are for ongoing development of the Whabouchi lithium mine, the Whabouchi spodumene concentrator and the Shawinigan hydrometallurgical plant in Quebec, Canada. Testwork of high-purity lithium hydroxide and carbonate with consumers is ongoing. Nemaska sent a second 3.5t shipment of lithium hydroxide to Johnson Matthey which confirmed that it meets its specifications.

 

#3 Falco Resources $28.8 million

Falco Resources (TSXV: FPC) closed a bought deal financing for $28.8 million through the sale of 22.3 million units @ $1.29 through a syndicate of underwriters co-led by BMO Capital Markets and Macquarie Capital Markets Canada, and including Desjardins Securities, Haywood Securities, Canaccord Genuity, National Bank Financial, Raymond James and Beacon Securities. The net proceeds will be used to advance the Horne 5 project in the Abitibi Greenstone Belt in Quebec, Canada, including a dewatering program, building acquisitions and relocation, land purchases, purchasing of hoisting system equipment and pre-construction surface installations.

 

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