TSX Venture hits four-week low, Sept. 28-Oct. 2

The S&P/TSX Venture Composite Index fell for the second week, losing nearly 3%, or 15.94 points, en route to a 525.56-point close. The U.S. Labor Department reported surprisingly poor economic data, as the economy added just 142,000 workers in September, and the American unemployment rate stayed at 5.1%. Oil and copper futures gained slightly, though factory activity in China reportedly declined in September.

Gold futures gained traction after the underwhelming U.S. economic news, but December contracts for bullion still closed down US$9.20 at US$1,137.10 per oz. Crude oil futures also rallied late to finish up US14¢ at US$45.54 per barrel, while December contracts for copper jumped 2%, or US4.6¢, en route to a US$2.33 per lb. close.

Technology outfit Titanium Corp. led the value-added category after announcing a co-ownership agreement on its bitumen recovery technology, with one of the major producers in Canada’s oilsands. The company gained 55¢ on 1.4 million shares traded, before finishing at $1.40 per share.

On Oct. 1 Titanium announced an agreement with Syncrude Canada, where it will keep first right “to propose commercial recovery of heavy minerals at Syncrude sites.” The deal provides for co-ownership of Titanium’s patent “Recovery of Bitumen from Froth Treatment Tailings.” Syncrude (and its joint-venture partners) have an exclusive right to practice the patent at oilsands projects, while Titanium has the right to the patent at all other oilsands sites.

Kennady Diamonds saw its share price decline after an update on financing. The company dropped 23¢ on 96,700 shares traded, before finishing at $2.92 per share.

On Oct. 1 Kennady announced it had closed the first tranche of a proposed $48-million non-brokered private placement, where it issued nearly 3.7 million shares priced at $2.75 per share, and 1.4 million flow-through shares priced at $3.40 each. The gross proceeds of the initial tranche total $15 million.

The company intends to use the capital for more bulk sampling and drilling at its Kennady North project in the Northwest Territories, where it is focused on the Kelvin, Faraday, MZ and Doyle kimberlites. The bulk sampling will include the Kelvin north lobe and the Faraday kimberlites.

Equitas Resources had a busy week after updating exploration at its Garland nickel-copper project in Labrador. The company saw nearly 9 million shares traded before closing up 14%, or 2.5¢, at 20.5¢ per share.

Equitas recently closed a $2-million non-brokered private placement, and reported that due to results of recent ground geophysical work at Garland, it has acquired more claims around the property. The company has identified three conductive signatures, and completed geological mapping and prospecting. Equitas reported that recent interpretation of the multi-kilometre Southern Response Trend at Garland has shifted exploration focus.