TSX Venture rises, Nov. 14-18

The S&P/TSX Venture Composite Index recovered 18.76 points, or 2.6%, to a 746.67-point close during the trading period. The spot gold price dropped US$19.78 to five-month lows at US$1,207.89 per oz., whereas Comex copper prices edged down 3¢ to US$2.48 per lb., in its highest level since July last year.

Shares of MBAC Fertilizer added 49¢ to $1.51 during its second week of trading on the TSX Venture Exchange. The phosphate company, which delisted from the Toronto Stock Exchange in July, operates the Itafos Arraias Single Super Phosphate (SSP) mine and integrated fertilizer producing facility, located in central Brazil. The operation was placed on care and maintenance at the beginning of 2015 due to depressed phosphate prices.

Oronova Resource was a front-runner in the value-added category, gaining 30¢ to 34¢ per share on corporate restructuring. Jeffrey J. Scott, Frank Giustra and Duncan Nightingale were appointed directors, whereas Nightingale was also appointed as CEO and Joanna Vastardis as chief financial officer and corporate secretary. In connection with the restructuring, 2.9 million stock options were granted at 5¢ per share, exercisable for 10 years. Both Scott and Nightingale acquired 5.8 million and 4.8 million shares in private transactions, accounting for 17.1% and 18.4% of the company’s shares. The company has the option to earn 100% in the Spray Lake mineral claim in B.C.’s Lillooett Mining Division.

Gold Standard Ventures gained 25¢ to $3.09 per share during the trading period. On Oct. 28, the company announced closure of a $38-million private placement at an offered price of $3.17 per share. International miner Goldcorp bought 22.9 million shares, worth $15 million, representing 10.3% of the company’s issued and outstanding shares on a non-diluted basis. After the closure, Gold Standard Ventures had $59.5 million cash-in-hand, partly for drilling the company’s Railroad-Pinion gold project in Nevada’s prolific Carlin trend, so that it can expand the high-grade North Dark Star gold deposit.

Shares of Kennady Diamonds fell 30¢ to $3.40 on diamond valuation results at its wholly owned Kennady North project in the Northwest Territories, 5 km southwest of De Beer’s Canada Gahcho Kué diamond mine. A total of 2.3 million carats from bulk sampling programs in 2015 and 2015 had a reported average value of US$52 per carat, for a total parcel value of $118,329. Some high-value gems — as noted in 2015 valuations — were also confirmed in this year’s bulk sample, including a 2.84-carat sawable diamond valued at US$2,640 per carat. Rory Moore, president and CEO for Kennady, said the valuation is “slightly lower than expected due to a softened market for diamonds,” but are comparable to those historically reported from the Gahcho Kué mine.


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