Vancouver — Canada’s junior exchange continued to chase a falling bullion price as advancing stocks lost to declining stocks 414-to-495. The S&P-TSX Venture Exchange composite index closed at 1796.04, down 18.43 points, or 1.02% with 92 million shares traded.
EuroZinc closed the day up a nickel to 47 with 2.9 million shares traded. The company recently arranged a $20-million special warrant financing with a syndicate of underwriters. The financing will comprise 50 million special warrants where each special warrant will be sold at a price of 40 and to be convertible, for no additional consideration, into one unit consisting of one EuroZinc common share and one-half of one share purchase warrant. Each full share purchase warrant shall entitle the holder to purchase one EuroZinc common share at a price of 50 exercisable for the first 12 months, rising to an exercise price of 75 for the subsequent 12 months, after the closing date of the offering. The proceeds of the offering will be placed in escrow pending the announcement of a definitive agreement for the purchase of Neves Corvo in the event that EuroZinc is announced as the winner of the sale process.
OntZinc closed at 17.5 up half a penny with 1.2 million shares traded. The company plans a $1.1-million exploration program at the Scotia mine in Nova Scotia. The objective of the program is to drill gaps in previous drilling to confirm the consistency of the zinc-lead reserves. Predevelopment work will include mining and business studies and attendant environmental definition. The Scotia mine is 100% owned by OntZinc through its subsidiary.
International Wayside Gold Mines lost 4 and closed at 31 with 927,300 shares traded. The company is in the process of mining 10,000 tonnes of development ore for bulk sample testing, at its Bonanza Ledge prospect near Wells BC. So far 1,100 tones of ore have been brought to the surface. An underground drilling campaign is also planned to further define the target.
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