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Live from the Precious Metals Summit - Ep 13

Episode 13 Oreninc MickeyFulp PaulHarris KaiHoffmann

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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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Top 10 Financings of May 2017

 

May saw 125 financings close in the Canadian financial markets for C$366.5 million including 64 financings for gold totalling $228.9 million, some 62.5% of the total. The top ten gold financings totalled $174.86 million representing 47.7% of the gold total. 11 brokered gold financings closed in May for $113.7 million at an average size of $9.1 million, including four bought deals for $51.6 million at an average size of $12.9 million.

 

#1 Continental Gold C$34.36 million

Continental Gold (TSX: CNL) closed a US$109 million non-brokered private placement with Newmont Mining (NYSE: NEM) and a US$25 million private placement with RK Mine Finance Master Fund I at a price of C$4.00 per share to raise the equity component of the US$389 million funding required to build out a gold mine at its Buritica deposit in Antioquia, Colombia. Newmont and Red Kite now own about 19.9% and 4.6%, respectively, of the issued and outstanding common shares of Continental. Construction of Buritica is due to commence later this year with first gold pour scheduled for early 2020. As part of the financing, Newmont and Continental will form a strategic alliance to evaluate opportunities to partner on exploration of Continental’s other properties in Colombia.

 

#2 Barkerville Gold Mines C$27.08 million

Barkerville Gold Mines (TSXV: BGM) closed a bought deal private placement financing of $23.5 million led by Haywood Securities at C$0.95 per unit and a non-brokered private placement with Osisko Gold Royalties and Osisko Mining for C$15.8 million. The net proceeds will be used for exploration and development of the company’s properties in the historical Cariboo mining district of central British Columbia.

 

#3 North Empire Resources C$20.00 million

Northern Empire Resources (TSXV: NM) completed a private placement of C$19.56 million at a price of C$0.25 led by Cormark Securities on behalf of a syndicate of agents that included GMP Securities, Haywood Securities and PI Financial that saw Coeur Mining (NYSE: CDE) invest C$4.0 million. The funds were used to complete the acquisition of the Sterling gold project, the Hoodoo Canyon property and various royalty rights on mineral properties in Nevada and California, USA from Imperial Metals subsidiary Sterling Gold Mining.

 

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