Last week index score: 36.21 (updated)

This week: 52.74

The Oreninc Index rose in the week ending May 18th, 2018 to 52.74 from an updated 36.21 a week ago despite good falling below US$1,300/oz.

Gold finally gave way and fell below the US$1,300/oz level to hit a year-to-date low as the US dollar continued to strengthen, the US ten-year treasury hit a 3% yield and economic data continued to show positive results.

US dollar strength is overpowering geopolitical risk concerns which continue to swirl around: the past week saw the US open its new embassy in Israel in Jerusalem. The ceremony was attended by president Trump’s daughter, Ivanka and provoked mass protests by Palestinians during which Israeli security forces killed dozens.

President Trump’s blunt, hard ball approach to issues also threatened to derail the possibility of talks with North Korean leader Kim Jong-Un after the US carried out extensive war air exercises with South Korea.

On to the money: total fund raises announced increased to C$81.7 million, a two-week low, which included five brokered financings for C$50.5 million, a nine-week high and two bought deal financings for C$20.0 million, a one-week high. The average offer size grew to C$3.5 million, a two-week low and the number of financings grew to 23, a two-week high.

Gold fell to US$1,293/oz from US$1,319/oz a week ago after hitting a low of US$1,285/oz. Gold is now down 0.75% this year. The US dollar index increased again and closed up at 93.63 from 92.54 a week ago. The van Eck managed GDXJ suffered as a result closing down at US$32.84 from US$33.85 last week. The index is down 3.78% so far in 2018. The US Global Go Gold ETF also fell to US$12.98 from US$13.35 a week ago. It is now down 0.23% so far in 2018. The HUI Arca Gold BUGS Index closed down at 177.75 from 182.24 last week. The SPDR GLD ETF again saw sales to close its inventory at 855.28 tonnes from 857.64 tonnes a week ago.

In other commodities, silver also gave up ground to close down at US$16.44/oz from US$16.66/oz a week ago. Likewise, copper closed down at US$3.06/lb from US$3.11/lb last week. Oil continued to post gains to close up at US$71.28 a barrel from US$70.51 a barrel a week ago.

The Dow Jones Industrial Average again saw losses to close down at 24,715 from 24,831 last week. Canada’s S&P/TSX Composite Index continued to see growth to close up at 16,162 from 15,983 the previous week. The S&P/TSX Venture Composite Index also closed up at 786.39 from 782.92 last week.

Summary:

  • Number of financings grew to 23, a two-week high.
  • Five brokered financings were announced this week for C$50.5m, a nine-week high.
  • Two bought-deal financings were announced this week for C$20.0m, a one-week high.
  • Total dollars decreased to C$81.7m, a two-week low.
  • Average offer size tumbled to C$3.5m, a two-week low.

Financing Highlights

Canadian Zinc (TSX: CZN) entered into an equity financing agreement with RCF VI to purchase 100 million shares @ C$0.20 for gross proceeds of $20 million.

  • RCF VI will be issued 50 million warrants exercisable @ C$0.25 until December 31st 2018.
  • The proceeds will be used to repay a US$10 million bridge loan advanced by RCF VI and the ongoing development of the Prairie Creek Zn-Pb-Ag project in Northwest Territories, Canada.

Major Financing Openings:

  • Canadian Zinc (TSX: CZN) opened a C$20 million offering underwritten by a syndicate led by Resource Capital Fund VI on a best efforts basis. Each unit includes half a warrant that expires in seven months.
  • Troilus Gold (TSX-V: TLG) opened a C$10.01 million offering underwritten by a syndicate led by GMP Securities on a bought deal basis. The deal is expected to close on or about June 5th.
  • Rio2 (TSX-V: RIO) opened a C$10 million offering underwritten by a syndicate led by Clarus Securities on a bought deal basis. The deal is expected to close on or about June 7th.
  • Troilus Gold (TSX-V: TLG) opened a C$7.01 million offering on a best efforts basis. The deal is expected to close on or about June 5th.

Major Financing Closings:

  • West African Resources (TSX-V: WAF) closed a C$34.3 million offering on a best efforts basis.  
  • Silvercrest Metals (TSX-V: SIL) closed a C$17.25 million offering underwritten by a syndicate led by PI Financial on a bought deal basis.    
  • South Star Mining (TSX-V: STS) closed a C$4.19 million offering underwritten by a syndicate led by Echelon Wealth Partners on a best efforts basis. Each unit included a warrant that expires in 24 months.
  • Renaissance Gold (TSX-V: REN) closed a C$3.12 million offering on a best efforts basis.

About Oreinc.com:

Oreninc.com is North America’s leading provider of relevant financing information in the junior commodities space. Since 2011, the company has been keeping track of financings in the junior mining as well as oil and gas space. Logging all relevant deal and company information into its proprietary database, called the Oreninc Deal Log, Oreninc quickly became the go-to website in the mining financing space for investors, analysts, fund managers and company executives alike.

The Oreninc Deal Log keeps track of over 1,400 companies, bringing transparency to an otherwise impenetrable jungle of information. The goal is to increase the visibility of transactions and to show financings activity in a digestible format. Through its daily logging activities, Oreninc is in a position to pinpoint momentum changes in the markets, identify which commodities are trending and which projects are currently receiving funding.

Website:  www.oreninc.com

Last week index score: 45.59 (updated)

This week: 37.75

Oreninc: Interview Session with Mickey Fulp – Episode 22 now live

The Oreninc Index fell in the week ending April 27th, 2018 to 37.75 from an updated 45.59 a week ago as the number of deals fell despite some broker action returning.

A calmer and less volatile week all round with the presidents of North and South Korea meeting for the first time in decades, thawing tensions over the north’s nuclear ambitions, whilst in the US, president Donald Trump eased his position on sanctions against Russian aluminium producer Rusal. Maybe spring is in the air and the world is feeling more positive.

Another range-bound week for gold, this time ending in negative territory as the US dollar strengthened, although there are signs that gold stocks are starting to strengthen.

On to the money: total fund raises announced more than quadrupled to C$96.3 million, a four-week high, which included one brokered financing, a four-week low, and one bought deal financing, also a four-week low. The average offer size also more than quadrupled to C$4.8 million, a four-week high. However, the number of financings decreased to 20, a four-week low.

Gold closed down at US$1,324/oz from US$1,336/oz a week ago. Gold is now up 1.63% this year. Meanwhile, the US dollar index continued to strengthen and closed up at 91.54 from 90.31 a week ago. The van Eck managed GDXJ gave up ground and closed down at US$33.03 from US$33.49 last week. The index is down 3.22% so far in 2018. The US Global Go Gold ETF also fell to close down at US$12.99 from US$13.04 a week ago. It is down 0.12% so far in 2018. The HUI Arca Gold BUGS Index closed down at 182.04 from 184.18 last week. The SPDR GLD ETF saw a growth week as its inventory grew to 871.20 from 865.89 tonnes where it had been for nine-days straight.

In other commodities, silver’s recent growth spurt deflated and closed down at US$16.51/oz from US$17.11/oz a week ago. Copper also gave up a lot of ground as it closed down at US$3.06/lb from US$3.15/lb last week. Oil consolidated despite a slight loss on the week to close down at US$68.10 a barrel from US$68.40 a barrel a week ago.  

The Dow Jones Industrial Average lost some ground and closed down at 24,311 from 24,462 last week. Canada’s S&P/TSX Composite Index put in a strong growth week as mining stocks showed growth to close at 15,668 from 15,484 the previous week. The S&P/TSX Venture Composite Index closed down at 783.76 from 804.96 last week.

Summary:

  • Number of financings decreased to 20, a three-week low.
  • One brokered financing was announced this week for C$15m a three-week low.
  • One bought-deal financing was announced this week for C$15m, a three-week low.
  • Total dollars nearly doubled to C$96.3m, a three-week high.
  • Average offer size grew to C$4.8m, a three-week high.

Financing Highlights

SilverCrest Metals (TSX-V: SIL) announced a C$15 million bought deal financing

Syndicate of underwriters led by PI Financial and Cormark Securities for 7.1 million shares @ C$2.10.

  • 15% over-allotment Option.
  • Net proceeds will be used to continue exploration and drilling to deliver an updated resource estimate and maiden Preliminary Economic Assessment for the Las Chispas project in Sonora. Mexico.

Major Financing Openings:

  • Africa Energy (TSX-V: AFE) opened a C$57.98 million offering on a best efforts basis. The deal is expected to close on or about May 4, 2018.
  • Silvercrest Metals (TSX-V: SIL) opened a C$15 million offering underwritten by a syndicate led by PI Financial on a bought deal basis. The deal is expected to close on or about May 18, 2018.
  • Pacton Gold (TSX-V: PAC) opened a C$4 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 May 22, 2018.
  • Max Resource (TSX-V: MXR) opened a C$3.75 million offering on a best efforts basis. Each unit includes half a warrant that expires in 24 months.

Major Financing Closings:

  • Nemaska Lithium (TSX-V: NMX) closed a C$99.08 million offering on a best efforts basis.
  • Trilogy Metals (TSX-V: TMQ) closed a C$31.48 million offering underwritten by a syndicate led by Cantor Fitzgerald Canada on a bought deal basis.  
  • Stina Resources (TSX-V: SQA) closed a C$12.5 million offering on a best efforts basis. Each unit included half a warrant that expires in 36 months.  
  • Ashanti Gold (TSX-V: AGZ) closed a C$2.64 million offering on a best efforts basis.

Company News

Prospero Silver (TSX-V: PSL) provide an update on planned exploration work on its Mexican projects for 2018.

  • The key objective is to complete first-pass, proof-of-concept drill testing of three projects in the Altiplano belt of northern Mexico: Bermudez, Buenavista and Trias. Neither Trias or Bermudez have been drilled before.
  • About 6,000m of diamond drilling is planned.
  • A 4th hole for Pachuca SE project may be drilled once drilling is complete at the projects above.

Analysis

Having recently announced a fund raise, the work plan shows that Prospero will continue to drill test the targets it has identified via its geological hypothesis for discovering large, blind silver deposits. Whilst the news release did not explicitly state that its strategic partner Fortuna Silver (TSX:FVI) would co-fund this exploration program, that seems likely given the technical success of the 2017 exploration program and that Fortuna has yet to select a project to joint-venture under its strategic agreement with Prospero.

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Last week index score: 44.24 (updated)

This week: 21.62

Prospero Silver (TSX-V: PSL) announced a non-brokered private placement to raise up to C$1.0 million through the issuance of up to 11.1 million units @ C$0.09.

The Oreninc Mining Deal Club sent out its sixth financing alert to its subscribers. Sign up today to get the details and an opportunity to participate: www.miningdealclub.com

The Oreninc Index halved in the week ending April 20th, 2018 to 21.62 from an updated 44.24 a week ago as broker action evaporated (again).

US tariffs and sanctions against steel and aluminium imports, particularly from Russia, are ripping through various metal markets with aluminium and nickel prices spiking. Aluminium prices have spiked 30% since the start of April to a seven-year high due to sanctions against Rusal. Fears that supplies of steel-additive nickel could come into Trump’s crosshairs if more sanctions against Russian businesses and businessmen are rolled out has seen its price spike on the London Metals Exchange, recording its highest one-day move since 2008 and hitting three-year highs.

On to the money: total fund raises announced tumbled to a paltry C$22.6 million, a six-week low, which included no brokered financings and no bought deal financings. The average offer size dropped to a barely visible C$1.1 million, a six-week low. The few financings announced and bringing with them a general return to the full warrant to attract interest.

Another week of failed expectations for gold as strong performance throughout the week fell at the end as the US dollar index strengthened following news that US initial weekly jobless claims dropped to 232,000, its lowest level in three weeks according to the Labor Department.

Gold closed down at US$1,336/oz from US$1,346/oz a week with a mid-week high of US$1,349/oz. Gold is now up 2.58% this year. Meanwhile, the US dollar index had a stronger week and closed up at 90.31 from 89.80 a week ago. The van Eck managed GDXJ saw early week gains dissipate at the close to finish the week exactly where it started at US$33.49 despite a mid-week high of US$34.06 last week. The index is down 1.88% so far in 2018. The US Global Go Gold ETF also saw strong growth but gave up less as the week ended to close up at US$13.04 from US$12.81 a week ago with a mid-week high of US$13.11. It is up 0.23% so far in 2018. The HUI Arca Gold BUGS Index closed down at 184.18 from 184.43 last week. The SPDR GLD ETF saw a week of consolidation as its inventory remains at 865.89 tonnes.

In other commodities, silver put in a growth spurt and despite losing some shine at the end of the week closed up at US$17.11/oz from US$16.65/oz a week ago wit ha mid-week high of US$17.24/oz. Coppers price growth continues and closed up at US$3.15/lb from US$3.07/lb from US$3.05/lb last week. Oil continues to post gains to close up at US$68.40 a barrel from US$67.39 a barrel a week ago. This puts its price back to levels levels last seen in December 2014. Despite US president Donald Trump saying the oil price is getting too high, it looks set to go higher as OPEC and Russia look to maintain supply restraint, even though surplus oil has largely been worked out of the system.

The Dow Jones Industrial Average closed up at 24,462 from 24,360 last week with a mid-week high of 24,786. Likewise, Canada’s S&P/TSX Composite Index grew to 15,484 from 15,273 the previous week. The S&P/TSX Venture Composite Index also closed up at 804.96 from 795.94 last week.

Summary:

  • Number of financings decreased to 20, a two-week low.
  • No brokered financings were announced this week, a two-week low.
  • No bought-deal financing was announced this week, a two-week low.
  • Total dollars tumbled to C$22.6m, a six-week low.
  • Average offer size also fell to C$1.1m, a six-week low.

 

Financing Highlights

EnGold Mines (TSX-V: EGM) opened a C$3.5 million offering on best efforts basis.

  • 10.0 million flow-through units @ C$0.30 and 2.0 million non-flow-through units @ C$0.26 with Canaccord Genuity as agent.
  • Each flow-through unit consists of one share and one warrant exercisable @ C$0.40 for two years. Each common unit consists of one share and one warrant exercisable @ C$0.35 for two years.
  • Over-allotment option of up 1.5 million flow-through units and 300k common units on the same terms.
  • Gross proceeds will be used to continue exploration at the Lac La Hache copper, gold & silver property in the Cariboo region of BC, Canada.

Major Financing Openings:

  • Engold Mines (TSX-V: EGM) opened a C$7.04 million offering on a best efforts basis. Each unit includes a warrant that expires in 24 months. The deal is expected to close on or about May 14th.
  • Vela Minerals (TSX-V: VLA) opened a C$2.5 million offering on a best efforts basis.    
  • Renaissance Gold (TSX-V: REN) opened a C$2.5 million offering on a best efforts basis.  Each unit includes a warrant that expires in 60 months.
  • Coronet Metals (TSX-V: CRF) opened a C$2.02 million offering on a best efforts basis. Each unit includes a warrant that expires in 24 months.

Major Financing Closings:

  • North American Nickel (TSX-V: NAN) closed a C$15 million offering on a best efforts basis. Each unit included half a warrant that expires in 24 months.
  • Sama Resources (TSX-V: SME) closed a C$5.25 million offering on a strategic deal basis. Each unit included a warrant that expires in 24 months.
  • Rise Gold (CSE: RISE) closed a C$3.52 million offering on a best efforts basis.  Each unit included a warrant that expires in 36 months.
  • Toachi Mining (TSX-V: TIM) closed a C$3 million offering on a best efforts basis.  

Company News

Prospero Silver (TSX-V: PSL) announced a non-brokered private placement to raise up to C$1.0 million through the issuance of up to 11.1 million units @ C$0.09.

  • Each unit will consist of one share and half of a warrant exercisable @ C$0.16 for two years.
  • The net proceeds will be used for general working capital purposes, its generative exploration programs and exploration expenditures on its property portfolio in Mexico.
  • Looking to drill 6,000m in 2018.

Analysis

With the initial phase of its strategic arrangement with Fortuna Silver drawing to a close, and 2018 exploration planning underway, Prospero is raising cash to be able to contribute to funding ongoing and future exploration work under the arrangement. However, given the current low stock price, it is evident that the company is also looking to minimize shareholder dilution by undertaking a minimum raise. 2018 work will look to continue to validate Prospero’s exploration strategy to discover blind epithermal systems.

About Oreinc.com:

Oreninc.com is North America’s leading provider of relevant financing information in the junior commodities space. Since 2011, the company has been keeping track of financings in the junior mining as well as oil and gas space. Logging all relevant deal and company information into its proprietary database, called the Oreninc Deal Log, Oreninc quickly became the go-to website in the mining financing space for investors, analysts, fund managers and company executives alike.

The Oreninc Deal Log keeps track of over 1,400 companies, bringing transparency to an otherwise impenetrable jungle of information. The goal is to increase the visibility of transactions and to show financings activity in a digestible format. Through its daily logging activities, Oreninc is in a position to pinpoint momentum changes in the markets, identify which commodities are trending and which projects are currently receiving funding.

Website:  www.oreninc.com

Last week index score: 45.10 (updated)

This week: 33.86

NuLegacy Gold (TSX-V: NUG) appointed John Budreski to its board.

The Oreninc Index fell in the week ending April 6th, 2018 to 33.86 from an updated 45.10 a week ago as the lack of brokered action outweighed the increase in dollars announced.

Market volatility continues with the stock markets and metals commodities alternately getting dinged and recovering as US president Donald Trump and China stand off over trade, or more specifically, their bilateral trade balance.

China responded to Trump’s previous discourse about implementing tariffs on some US$50 billion of trade on the grounds that China steals US intellectual property with its own tariffs on $50 billion worth of US goods in a move that sees it ready to wage a trade war “to the end.” Not to be outdone, Trump responded at the end of the week with the threat of another US$100 billion of tariffs against Chinese products. Given the trade imbalance between the two nations – China exported US$505 billion to the US in 2017 and imported just US$130 billion – it has fewer exports with tariffs than Trump. However, beyond physical products China could look at trade in services such as tourism and education or make life difficult for US companies operating in its territory such as Apple and Starbucks. Then again, China is the biggest foreign holder of US Treasury debt, owning about US$1.17 trillion and it could cut the amount of US debt it buys.

So, in another choppy week, gold actually ended on a positive note after a weaker-than-expected US employment report for March from the Labor Department showed the key non-farm payrolls number up 103,000, which was a big miss to the downside.

On to the money: total fund raises announced increased to C$120.7 million, a five-week high, but which included no brokered financings and no bought-deal financings. The average offer size nearly doubled to C$7.1 million, a 64-week high.

Another volatile week for gold during saw the yellow metal close up at US$1,32/oz from US$1,325/oz a week ago despite hitting a mid-week high of US$1,341/oz. Gold is now up 2.32% this year. Meanwhile, the US dollar index closed up at 90.20 from 89.97 a week ago. The van Eck managed GDXJ closed up at US$32.39 from US$32.15 last week. The index is down 5.10% so far in 2018. The US Global Go Gold ETF closed down at US$12.51 from US$12.71 a week ago. It is down 3.84% so far in 2018. The HUI Arca Gold BUGS Index closed up at 177.59 from 175.41 last week. The SPDR GLD ETF saw buying return to close up at 859.99 tonnes from 846.12 tonnes a week ago.

In other commodities, the silver slightly up at US$16.40/oz from US$16.36/oz a week ago. Copper showed a slight increase to close at US$3.04/lb from US$3.02/lb last week. Oil put in another losing week and closed down at US$62.17 a barrel from US$64.94 a barrel a week ago.

The Dow Jones Industrial Average closed down at 23,932 from 24,103 last week. Likewise, Canada’s S&P/TSX Composite Index fell to 15,207 from 15,367 the previous week. The S&P/TSX Venture Composite Index closed down at 769.15 from 796.67 last week.

Summary:

  • Number of financings dropped to 17, a four-week low.
  • No brokered financings were announced this week, a 13-week low.
  • No bought-deal financings were announced this week, a two-week low.
  • Total dollars increased to C$120.7m, a five-week high.
  • Average offer size nearly doubled to C$7.1m, a 64-week high

Financing Highlights

Nemaska Lithium (TSX: NMX) entered into an investment agreement with SoftBank Group for a C$99.1 million private placement @ C$1.12.

  • SoftBank to acquire up to 9.9% of Nemaska.
  • Nemaska needs to raise US$775-825 million to fund the construction and commissioning of its Whabouchi mine and Shawinigan lithium plant.
  • As long as SoftBank holds at least 5% of Nemaska’s shares, it has a right of first offer to purchase up to 20% of the lithium hydroxide and lithium carbonate produced at Shawinigan from spodumene concentrate from Whabouchi at pre-agreed discounts applicable to a pre-determined market price-based formula.
  • SoftBank can also nominate a director.

Major Financing Openings:

    • Nemaska Lithium (TSX-V: NMX) opened a C$99.08 million offering on a best efforts basis.    
    • Euromax Resources (TSX-V: EOX) opened a C$5.22 million offering on a best efforts basis. Each unit includes a warrant that expires in two years.
    • Loncor Resources (TSX-V: LN) opened a C$2.6 million offering on a strategic deal basis.    
    • Commander Resources (TSX-V: CMD) opened a C$2.5 million offering on a best efforts basis. Each unit includes a warrant that expires in two years.

Major Financing Closings:

  • Asanko Gold (TSX: AKG) closed a C$22.47 million offering on a strategic deal basis.    
  • Kennady Diamonds (TSX-V: KDI) closed a C$10 million offering on a strategic deal basis.
  • Tinka Resources (TSX-V: TK) closed an C$8.06 million offering underwritten by a syndicate led by GMP Securities on a bought deal basis. Each unit included half a warrant that expires in a year.  

Company News

NuLegacy Gold (TSX-V: NUG) appointed John Budreski to its board. Budreski, MBA/BEng has over 35 years of capital markets and executive management experience and is the CEO of Morien Resources.

About Oreinc.com:

Oreninc.com is North America’s leading provider of relevant financing information in the junior commodities space. Since 2011, the company has been keeping track of financings in the junior mining as well as oil and gas space. Logging all relevant deal and company information into its proprietary database, called the Oreninc Deal Log, Oreninc quickly became the go-to website in the mining financing space for investors, analysts, fund managers and company executives alike.

The Oreninc Deal Log keeps track of over 1,400 companies, bringing transparency to an otherwise impenetrable jungle of information. The goal is to increase the visibility of transactions and to show financings activity in a digestible format. Through its daily logging activities, Oreninc is in a position to pinpoint momentum changes in the markets, identify which commodities are trending and which projects are currently receiving funding.

Last week index score: 28.01 (updated)

This week: 42.63

Zinc One Resources (TSXV:Z) received the first results from drilling at its Bongará zinc mine project in north-central Peru.

NuLegacy Gold (TSXV: NUG) said late winter storms deposited as much as three feet of snow on parts of its Red Hill property in the Cortez gold trend of Nevada, USA.

Prospero Silver (TSXV: PSL) announced the results of the third hole of a three-hole drill program at the Pachuca SE project in Hidalgo, Mexico.

Avrupa Minerals (TSXV: AVU) closed a private placement and raised C$550,000.

The Oreninc Index increased in the week ending March 30th, 2018 to 42.63 from an updated 28.01 a week ago as brokered and bought deal financings returned, even though it was a short week due to the Easter break.

Another swinging volatile week for gold as its recent fear trade boost subsided as US president Donald Trump deflated some of his trade tariff rhetoric. However, market analysts increasingly expect a gold breakout to occur, with the latest portent being that the gold/silver price ratio has gone past 80:1. This is the fifth time in the past 23 years that this has happened and on each previous occasion gold and silver equities exploded to the upside starting between 30-60 days later.

On to the money: total fund raises announced tripled to C$96.1 million, a four-week high, which included three brokered financings for C$13.3m, a two-week high, and two bought-deal financings for C$3.0 million, also a two-week high. The average offer size almost tripled to C$3.7 million, a four-week high.

Another range-bound volatile week for gold during which the yellow metal closed down at US$1,325/oz from US$1,347/oz a week ago despite hitting a mid-week high of US$1,353/oz. Gold is now up 1.74% this year. Meanwhile, the US dollar index closed up at 89.97 from 89.44 a week ago. The van Eck managed GDXJ also closed down at US$32.15 from US$32.78 last week. The index is down 5.80% so far in 2018. The US Global Go Gold ETF manged to hold its ground, dipping slightly to close down at US$12.71 from US$12.74 a week ago. It is down 2.31% so far in 2018. The HUI Arca Gold BUGS Index closed down at 175.41 from 176.86 last week. The SPDR GLD ETF saw some selling to close down at 846.12 tonnes from 850.54 tonnes a week ago.

In other commodities, the silver closed down at US$16.36/oz from US$16.56/oz a week ago. Copper recovered from its recent fall below the US$3.00/lb level to close up at US$3.02/lb from US$2.99/lb last week. Oil put in a losing week and closed down at US$64.94 a barrel from US$65.88 a barrel a week ago.

The Dow Jones Industrial Average showed signs of recovering from the trade-war potential resulting from Trump’s China tariffs announcement, to close up at 24,103 from 23,533 last week. Likewise, Canada’s S&P/TSX Composite Index got on the road to recovery to close up at 15,367 from 15,223 the previous week. The S&P/TSX Venture Composite Index closed down at 796.67 from 817.80 last week.

Summary:

  • Number of financings grew to 26, a two-week high.
  • Three brokered financings were announced this week for C$13.3m, a two-week high.
  • Two bought-deal financings were announced this week for C$3.0, a two-week high.
  • Total dollars jumped up to C$96.1m, a four-week high.
  • Average offer size also grew to C$3.7m, a four-week high.

Financing Highlights

Asanko Gold (TSX: AKG) opened a US$17.6 million (C$22.79 million) offering on a strategic deal basis with Gold Fields, which will purchase 22.4 million shares @ US$0.79, a 9.9% interest.

  • Asanko also entered into a JV with Gold Fields under which it will receive US$185 million for a 50% interest in its Asanko gold mine.
  • Asanko will use the proceeds to repay US$164 million of debt with Red Kite.

Serabi Gold (TSX: SBI) announced a US$15 million strategic private placement with Greenstone Resources.

  • 297.8 million @ 0.5 pence, a 29.82% interest.
  • Funds will be used to undertake drilling to delineate additional resources and expand the life of mine at the Palito and Sao Chico projects, and advance the recently acquired Coringa project, all in Brazil.
  • Serabi also opened a private placement for a minimum of US$8.0 million @  3.6 pence undertaken by Peel Hunt.

Major Financing Openings:

  • Asanko Gold (TSX:AKG) opened a C$22.79 million offering on a strategic deal basis.
  • Serabi Gold (TSX:SBI) opened a C$18.46 million offering on a strategic deal basis.    
  • North American Nickel (TSXV:NAN) opened a C$15 million offering on a best efforts basis. Each unit includes half a warrant that expires in two years.
  • Serabi Gold (TSX:SBI) opened a C$10.32 million offering underwritten by a syndicate led by Peel Hunt on a best efforts basis.    

Major Financing Closings:

  • Serabi Gold (TSX:SBI) closed a C$11.53 million offering underwritten by a syndicate led by Peel Hunt on a best efforts basis.    
  • Auryn Resources (TSXV:AUG) closed a C$10.08 million offering underwritten by a syndicate led by Cantor Fitzgerald Canada on a bought deal basis.
  • Skeena Resources (TSXV:SKE) closed a C$8.46 million offering underwritten by a syndicate led by PI Financial on a best efforts basis. Each unit included half a warrant that expires in two years.
  • Chakana Copper (TSXV:PERU) closed an C$8 million offering underwritten by a syndicate led by Eventus Capital on a best efforts basis.

Company News

Zinc One Resources (TSXV: Z) received the first results from drilling at its Bongará zinc mine project in north-central Peru. Drilling commenced at the Mina Grande Sur and Bongarita zones where two portable drill rigs are currently operating. At Mina Grande Sur, 543m were completed in 33 holes with highlights including 5.5m @ 26.1% Zn in hole MGS18001. At Bongarita, 587m were completed in 36 holes with highlights including 11.5m @ 16.0% Zn in hole BO18005.

Analysis

The initial results are very optimistic and demonstrate the potential of the project by confirming its high-grade nature, particularly given that many intercepts start at or near surface. The results will contribute to the upcoming resource estimate and PEA planned for 2018.

NuLegacy Gold (TSXV: NUG) said late winter storms deposited as much as three feet of snow on parts of its Red Hill property in the Cortez gold trend of Nevada, USA making access to selected drill target areas difficult and dangerous. As a consequence, the company had to release a reverse circulation drill rig it contracted to begin drilling in late March and replaced it with a drill scheduled to arrive late April.  Drilling will initially focus on following up on the 2017 success in the Serena and Avocado zones in areas with broad intervals of intense alteration, silicification and decalcification seen in several of the drill holes in this large exploration area.

Analysis

Freak weather can happen, but this event should only delay the company by a month.

Prospero Silver (TSXV: PSL) announced the results of the third hole of a three-hole drill program at the Pachuca SE project in Hidalgo, Mexico. Drilling confirmed the presence of highly anomalous silver values hosted by blind epithermal veining in three widely separated zones hosted by 7km of structures on the property. Hole 3 cut multiple zones of anomalous silver including 1.5m @ 121.3g/t Ag & 0.37g/t Au.

Analysis

Drilling of the Pachuca targets continues drilling the third of three initial projects funded by Fortuna Silver (TSX: FVI) in early stage proof of concept programs. The program successfully demonstrated that Pachua SE hosts blind epithermal veins with silver and gold mineralization. The next step will be to agree additional drilling to define the extent of mineralization in the veins.

Avrupa Minerals (TSXV: AVU) closed a private placement and raised C$550,000 and issued 6.9 million units @ C$0.08. Each unit consists of one share and one warrant exercisable @ C$0.12 for two years. The funds will be used for exploration mainly in Portugal and Kosovo.

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