Financings the fashion on TSX

The Toronto Stock Exchange composite index regained lost ground, and then some, ending the Aug. 6-12 report period 214.96 points higher at 7,354.02.

The surge was powered by gold, which jumped US$8.10 per oz. to an afternoon fix of US$360.10 per oz. on Aug. 12; the yellow metal was trading higher yet at US$361.90 per oz. late in the afternoon on Aug. 13. Platinum climbed US$14 per oz. to US$696 per oz., while sister metal palladium dropped a buck an ounce to US$174 per oz. Silver rose a nickel to US$4.98 per oz.

Among the major gold producers Barrick Gold added $1.15 to make $25.40, Placer Dome rose 81 to $18.15, and Kinross Gold, the busiest of the trio, with more than 18.5 million shares traded, ended unchanged at $9.17. Under a bought deal involving 20 million shares at $9.26 apiece, Kinross will raise $185 million to re-purchase its outstanding issue of 5.5% convertible debentures.

Looking to take advantage of the bullish gold market, a host of smaller players followed Kinross’s lead. Wheaton River Minerals announced its own bought deal of 38.1 million shares at $2.10, for gross proceeds of $80 million. Wheaton finished as the most-traded mining issue, at nearly 24 million shares. The stock gained 4 to reach $2.04.

Slightly more ambitious was Cambior, which announced an equity offering of 40 million units at $2.50 per unit. The move is aimed at raising $100 million to fund development of the Rosebel project in Suriname, and possible future acquisitions. Some 13.4 million Cambior shares made their way 43 higher to $2.86.

Singing a common refrain, Eldorado Gold announced a bought deal of 20 million shares and 10 million warrants for proceeds of $62 million earmarked for construction of the Kisladag gold mine in western Turkey. The issue fell a penny to $3 even with 16.7 million shares on the go.

In the end, the TSE’s gold index advanced three points to 188.83 points.

Next in the financing line was off-index junior Bolivar Gold, which announced a bought deal of 29.6 million special warrants priced at $1.35 apiece for gross proceeds of $40 million. The funds will be used to advance the company’s Choco 10 property, explore the Choco concessions, and fund its share of property acquisitions under the Gold Fields joint venture. Bolivar shares slipped 22 to $1.28.

Not to be outdone was Southwestern Resources, which said it would raise more than $10 million via a bought deal of more than a million shares at $10 each. Southwestern is developing the Boka project in China. Investors pushed the stock 14 higher to $10.99.

With all of the base metals, except nickel, heading south, the metals and mining index did well to scrape together 0.16 of a point to settle at 142.77.

Ivanhoe Mines left the rest of the base metal miners in the dust, trading more than 10.1 million shares 59 higher to $4.84. The Robert Friedland-led junior has inked a deal to add to its already sizable land holdings in inner Mongolia by acquiring up to an 80% stake in three new gold and gold-copper projects.