The S&P/TSX Venture Composite Index climbed 4.34% to finish the trading week at 947.43. Spot gold jumped US$26.90 per oz., or 1.47%, to US$1,855.50 per ounce.
Rock Tech Lithium rose $1.56 to $6.51 per share. The company closed a non-brokered private placement raising $4 million from the issuance of 2.5 million units of the company at a price of $1.60 per unit. Each unit consisted of one common share and one common share purchase warrant. The warrants can be exercised at a price of $2.00 until Jan. 21, 2023. The proceeds, along with funds from other recent offerings, will be used to accelerate the company’s technical studies on a lithium hydroxide plant and move it toward feasibility level; develop its patent-pending lithium hydroxide process; and advance its Georgia Lake lithium project in Ontario.
Shares of Great Bear Resources increased by 82¢ to $14.83 per share. The company announced that a syndicate of underwriters had agreed to increase the size of a bought deal financing from $37 million to $70 million. Under the agreement, Great Bear will issue 3.23 million common shares at a price of $18.60 per flow-through share and 784,000 common shares of the company at $12.75 per share for aggregate gross proceeds of $69.9 million. The proceeds from the flow-through shares will be used for exploration at the company’s properties in Ontario. Proceeds from the common shares will be used for working capital and general corporate purposes. The offering is expected to close by February 18.
Infinite Ore climbed 2¢ to 10¢ per share. The company increased its landholdings at the Jackpot lithium project, about 140 km north of Thunder Bay, Ontario. The company acquired nine claims contiguous to and located within the property. Infinite Ore acquired the claims for $10,000 in cash and 300,000 common shares. The company has also acquired seven claims at its East Vision project in northern Ontario for $7,500 in cash and 100,000 common shares.
Shares of First Cobalt rose 2¢ to 32¢. The company closed a previously announced $9.8 million bought deal financing. The offering consisted of 31.5 million units at 31¢ per unit. Each unit consisted of one common share and one-half of one common share purchase warrant, which can be exercised at 50¢ per unit over the next 24 months. First Cobalt intends to use the proceeds to advance its First Cobalt refinery in Ontario and for general corporate purposes.