TSX Venture Exchange, March 11 – 15

The S&P/TSX Venture Composite Index had an uneventful week, falling just 0.7 of a point, or 0.06%, before closing at 1,117.15. The index gained ground later in the week on the back of rising commodity prices and a strong jobs report in the U.S., though discussion of further instability in the European Union put a damper on market enthusiasm.

Eurostat reported modest wage growth in February, with inflation dropping to its lowest level in nearly three years at 1.8%. Eurozone officials also extended a timeline on Portugal’s debt targets and discussed a bailout plan for Cyprus, which is struggling to prevent a default in its banking sector.

Gold futures had a bounce-back week, with April bullion contracts jumping US$13.20, or 0.8%, before closing out at US$1590.90 per oz. Crude oil was also on the rise, as April contracts increased US$1.89, or 2%, to US$93.58 per barrel. Copper remained relatively flat, with May contracts for the red metal inching up US1.2¢ to US$3.52 per lb.

Shares of North Arrow Minerals skyrocketed 1,000% during the week — gaining 20¢ before closing at 22¢ per share — after the company announced on March 14 that it had acquired options to earn an interest in three diamond projects from Stornoway Diamond. Upon closing the assignment, North Arrow will have options to earn an 80% interest in each of the Qilalugaq, Pikoo and Timiskaming diamond properties. Qilalugaq is a 71 sq. km land package located near the community of Repulse Bay, Nunavut, while Pikoo is a 33 sq. km project, 140 sq. km east of La Ronge, Saskatchewan. Timiskaming is a 39 sq. km property in the Ville-Marie region of northeastern Ontario and northwestern Quebec.

North Arrow announced a $3-million private placement in conjunction with its agreement, under which the company issued 20 million shares at 15¢ per share. North Arrow is working on its Lac de Gras joint venture with Harry Winston Diamond, which lies 290 km northeast of Yellowknife.

Alberta-based Olivut Resources is another diamond explorer that enjoyed a solid week, as the company jumped 13¢ before closing at 59¢ per share. On March 12 Olivut announced what it called an “innovative” financing worth $18 million via a tranched placement of securities to the Canadian Special Opportunities Fund, which is managed by the Lind Partners, a New York-based asset-management firm. Lind will invest $500,000 on the initial cash-advance date and roughly $200,000 every month over the following 35 months.

Olivut will supplement a cash position totalling $1 million, and explore its 142 sq. km HOAM diamond project south of Great Bear Lake in the Northwest Territories.

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