TSX Venture rises, July 6-10

The S&P/TSX Venture Composite Index rose by 8.17% to finish the trading week at 684.71. Spot gold closed at US$1,798.60 per oz. on July 10, a rise of US$24.20 per oz. or 1.36%.

Shares of Vizsla Resources (TSXV: VZLA) jumped by 148% to $2.50 per share. The company announced a $25 million bought deal financing with Canaccord Genuity, which will purchase 13.37 million units of the company at $1.87 per unit. Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to buy one common share at $2.40 for a 24-month period. The underwriters have an option to acquire an additional 2.67 million units, which if exercised, will generate an additional $5 million. Eric Sprott has agreed to purchase $10 million of the offering, raising his stake in the company to 11.3% on a partially diluted basis.

Avidian Gold’s (TSXV: AVG) shares rose by 103.45% to 29.5¢ per share. The company announced a non-brokered private placement at 10¢ per unit for gross proceeds of up to $2.5 million, with each unit comprising one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire shares at 14¢ for 24 months. Eric Sprott is acquiring 20 million units in the offering for $2 million, and will subsequently own about 16.75% of the company on a non-diluted basis and about 28.69% on a partially diluted basis assuming exercise of the warrants. Net proceeds will be used to develop Avidian Gold’s properties and for general and administrative expenses. The company’s100%-owned Golden Zone gold-silver-copper property, located about 320 km north of Anchorage in Alaska, contains indicated resources of 4.19 million tonnes grading 1.99 grams gold per tonne and 10.38 grams silver per tonne for 267,400 oz. of contained gold and 1.40 million oz. of silver. Other projects include the Amanita gold property in Alaska, which is adjacent to Kinross Gold’s Fork Knox gold mine, and the Jungo gold-copper property in Nevada.

Shares of K92 Mining (TSXV: KNT; US-OTC: KNTNF) rose to $4.68 per share, up 14.15%, following record second-quarter production of 25,762 oz. of gold, 531,406 lbs. of copper, and 10,867 oz. of silver for a total of 26,847 gold-equivalent oz. at its Kainantu underground mine in Papua New Guinea. The result was a 37% increase from the second quarter of 2019. The company also achieved record throughput at the mill of 49,311 tonnes, a 30% year-on-year increase, despite lower running times due to Covid-19. The company currently has three surface and three underground diamond drill rigs operating at site.


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