TSX Venture Exchange, June 10-14

The S&P/TSX Venture Composite Index lost ground for the second consecutive week during the trading period, with the exchange dropping 1.9%, or 17.83 points, en route to a 933.57-point close. The Venture lost ground early in the week on fears of a lacklustre global economic recovery, but clawed back after positive U.S. economic data and a report that eased concerns about the Federal Reserve’s monetary policy.

Commodities generally had a positive week, with August contracts for gold bullion jumping US$6.10 before closing at US$1,390.05 per oz., while August contracts for West Texas Intermediate crude oil rose 1.7%, or US$1.62 per barrel, en route to a US$97.94 weekly close. Copper was the sole loser, as July contracts for the red metal dropped US3.1¢ before closing out the week at US$3.20 per lb.

Vancouver-based junior Selwyn Resources was the most heavily traded company during the week, with nearly 7 million of its shares trading hands en route to an 8¢-per-share close. Selwyn released an updated mine plan for its ScoZinc zinc-lead project in Nova Scotia on June 11, but the buzz surrounding the company involved a heated proxy battle with dissident shareholders. In a June 17 special meeting, shareholders overwhelmingly voted not to seek a voluntary liquidation, and voted in the non-management slate of directors comprising Benedict Cubitt, Jeremy Link, Justin Oliver, Frank Wheatley and Victor Lazarovici. Selwyn will issue a more detailed corporate update soon.

Ross Beaty-backed Lumina Copper was forced to confirm its disclosure record for the trading session following a request from the Investment Industry Regulatory Organization of Canada. Lumina’s sole asset is the advanced-stage Taca Taca copper-molybdenum-gold property in northwestern Argentina’s Salta province. The company confirmed on June 17 that there had been “no undisclosed material information with regard to the business and affairs” during the week. The disclosure follows a tough week for Lumina, which led the value-lost category on the Venture after its stock tumbled 31%, or $2.10, en route to a $4.97 close. The company has 43.5 million shares outstanding and traded around 7.4 million shares during the week.

Rare-earth focused outfit Medallion Resources received a shot in the arm after a private placement that appeared to be a vote of confidence from management. The company jumped 7¢ before closing out the week at 29¢ per share following news of a $400,000 financing. President Don Lay was the sole subscriber in the placement, in which he picked up 2 million shares at 20¢ per share.

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