The S&P/TSX Venture Composite Index fell by 1% to finish the August 17-21 trading week at 730.31, with spot gold finishing the week at US$1,942.40 per oz., a rise of US$2.40 per oz. from the previous week.
Shares of Amex Exploration climbed 7.03% to $3.50 per share. The company announced a $9.36 million bought deal financing with a syndicate of underwriters led by PI Financial. The syndicate will purchase 1.6 million flow-through shares at $5.85 per share. Amex has granted the underwriters an option to acquire an additional 400,000 flow-through shares to cover over-allotments. The issue price represented a premium of about 69% to its closing price on Aug. 17. The funds will be spent on exploration at the company’s projects in Quebec. Amex is focused on its 100%-owned Perron project, about 110 km north of Rouyn-Noranda. Recent drill highlights included 15.6 metres grading 32.41 grams gold per tonne starting from 142.45 metres downhole and 8.10 metres grading 11.71 grams gold from 907.90 metres.
Reyna Silver rose 17.65% to $1.40 per share. On Aug. 19 the company completed a brokered private placement raising $7.06 million (11.3 million units at a price of 62¢ per unit). Each unit consisted of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company at a price of 90¢ until Aug. 19, 2022. The company plans to use the proceeds to explore and drill at its Guigui and La Chinche projects in Chihuahua, Mexico and for general working capital purposes.
Shares of Rupert Resources rose to $3.10 per share, up 6.90%. The company released drill results from its exploration program at the Ikkari discovery, part of the company’s 100%-owned Pahtavaara project in Finland’s Central Lapland Greenstone Belt. Highlights included 2.1 grams gold per tonne over 31 metres from 53 metres, including 23.7 grams gold over 1 metre; 2 grams gold over 71.2 metres from surface and 1.2 grams gold over 130.5 metres from 166 metres including 25 metres of 3 grams gold; and 1.3 grams gold over 172.4 metres from surface, including 12 metres of 2.6 grams gold.
Chesapeake Gold fell 12.4% to $5.65 per share. The company closed a non-brokered private placement for gross proceeds of $20 million (4 million common shares at a price of $5 per share). Under the deal, Eric Sprott acquired 2.5 million common shares for a total consideration of $12.5 million, increasing his stake in the company from 11.8% of its issued and outstanding shares to 15.5%, and the Sun Valley Master Gold Fund acquired 1 million common shares for $5 million.