Gold achieved an new all-time record high while silver’s surge continued early in the week, breaching $24/oz., then falling back bit, only to finish the week strong. This week, we had the first batch of earnings roll-in, most of which were much better than expected given the numerous suspended mining operations for periods of time. Financing bonanza also continued, as seen through all the announced financings and the upsized private placements (PP). Perhaps the juniors are just catching up for lost time between 2013-2018. The junior complex is raising a lot of money and it isn’t confined to just those companies that are the most prospective or those with the best-connected management teams as there are a lot of more marginal companies successfully raising money as well. The following is a list of those financings announced this week and/or upsized.
Aton Resources: Announced a PP of up to C$5m and a 10:1 reverse split. The company will issue 125m units at a price of $0.04/unit. Each unit consists of one common share of the company and one-half of one purchase warrant. Each warrant entitles the holder to acquire additional shares of the company at $0.08/share for a period of 2-years. Aton may choose to accelerate the expiry date by giving notice should it trade above $0.12/share for a period of 30 consecutive trading days.
Bunker Mining: Announced up to a C$10m PP and extension of lease for the Bunker Hill mine. Each unit will consist of one common share and one common share purchase warrant. The warrants have a 36-month maturity.
Dolly Varden: Announced a C$7.5m PP, led by Eric Sprott. It was subsequently upsized to C$10m. Each unit consists of one common share at C$0.71/unit and one-half of one warrant. The warrant holder has the option to acquire one common share at a price of C$1.10/share for a period of 24-months.
Eskay Mining: Announced a non-brokered PP, offering 3.5m flow-through units at C$0.645/FT unit for up to C$2.25m and up to 4.5m working capital units at a price of $0.45/unit for up to C$2.02m. Each FT unit comprises one flow-through common share of the company and one purchase warrant. Each warrant entitles the holder to acquire one share at a price of C$0.80 for two years from the closing of the Offering. Each WC unit comprises one common share of the company and one purchase warrant. Each WC warrant entitles the holder to acquire one common share at a price of $0.80 for up to two years from the closing.
Golden Minerals: Closed an $8.6m bought deal offering and full exercise of the option to purchase additional shares.
Great Thunder Gold: Increases its previously announced PP to C$3.1m.
Golden Tag Resources: Announced a C$5.6 financing, led by Eric Sprott. After the close, Eric Sprott will own 19.9% of the company. Each unit will consist of one common share and one-half of one purchase warrant. The financing will be done at C$0.28/unit and the warrant strike price is at $0.40, for a period of 24 months, with an acceleration clause.
HighGold Mining: Announced the closing of an upsized C$13.8m bought deal financing.
Impact Silver: Announced a C$6.0m PP financing. The company will issue units at $0.95/each. Each unit consists of one common share and on-half of one purchase warrant, with a strike price of C$1.30/share for a period of 24 months. The bookrunner will have the option to offer for sale up to an additional 2.11m units for gross proceeds of C$2m.
Kootenay Silver: Announced it has upsized the PP announced earlier in the week to C$7.0m at $0.40/unit. Each unit will be comprised of one common share and one-half of one common share purchase warrant. Each full warrant can be exercised at $0.55/share for up to 24 months after the close.
Lion One Metals: Upsized its bought deal PP to raise C35m. This likely comes on the heels of achieving its objective at Tuvatu, identifying a feeder structure. Each unit will consist of one common share and one-half common share purchase warrant. The warrants have a 12-month maturity.
Macdonald Mines: Increased its flow-through PP to C$4.25m. Each unit will consist of one common share and one-half common share purchase warrant with a C$0.20/share strike price. Each warrant has a maturity of 24 months but if the closing price of the common stock is at a price equal to or greater than C$0.35 for a period of 10 consecutive trading days, Macdonald will have the right to accelerate the expiry date by giving notice.
Maple Gold: Increases non-brokered PP to C$4.75m through the issues of common shares at a price of C$0.17/share.
Maritime Resources: Announced $6m bought deal PP. It entered into an agreement with Sprott Capital Partners LP on its own behalf and on behalf of a syndicate of underwriters to issue $6m of the company [approx. 26.66m] at a price of $0.15/share for gross proceeds of $4m, and $10m charity flow-through common shares at a price of $0.20/share for gross proceeds of $2m.
Metallic Minerals: Initially announced a C$6m bought deal PP and in a press release the same day, the company upsized it to C$8m. It will issue 20m units at a price of C$0.40/unit, for gross proceeds of C$8m. Each unit will consist of one common share and one-half of one purchase warrant. Each warrant will entitle the holder to acquire one common share of the company for 24 months from the close at a price C$0.60/share.
Monarca Minerals: Upsized its previously announced PP to C$3.0m. Each unit will consist of one common share of the company and one common share purchase warrant. The warrant can be exercised by or before 24 months after closing.
Nighthawk Gold: Arranged a C$10m non-brokered PP, consisting of 927k units, comprised of one non flow-through common share and one-half of one purchase warrants. It will also consist of up to 1.88m flow-through units comprised of one flow-through common share and one-half of one warrant to be issued on a non-flow through basis, and up to 2.08m flow-through common shares. Each warrant will have a C$2.0/share with a 12 months maturity. This was subsequently increased to C$12m at the end of the week.
Reyna Silver: Announced a C$4.0m brokered PP. The company will issue 6.45m units of the company at C$0.62/unit. Each unit will consist of one common share and one-half of one purchase warrant. Each warrant entitles the holder to acquire one share at a price of C$0.90 for a period of 24 months following the closing date.
Sailfish Royalties: Announced a C$18m rights offering and standby commitment. The company will issue rights to existing shareholders at the close date of August 5th. Shareholders will receive 0.309406057 of a right for each common share of the company held. One whole right will entitle the holder to subscribe for one Share upon payment of the subscription price of C$1.00 per Share. I.e., a holder of 1,000 Shares will be entitled to subscribe for 309 Shares for an aggregate subscription price of C$309.00.
Silver Tiger: Closed a C$11m non-brokered PP with Eric Sprott being the lead investor. Eric Sprott will invest C$4m. Each unit will be issued at C$0.30/unit. Each unit is comprised of one common share and one-half of one purchase warrant. Each warrant will have an exercise price of C$0.50/share for a 36- month period.
Spanish Mountain: Announced a $5m PP. Each unit will consist of one common share and one common share purchase warrant. Each unit will be priced at $0.42 and each warrant can be exercised at C$0.60/share for a period of two years.
Teuton Resources: Will raise C$9m via PP with Eric Sprott whereby Mr. Sprott will own 19.2% of the company following the close and 24.50% on a partially diluted basis.
In other news…
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