The S&P/TSX Venture Composite Index closed in the red during the trading period, as the Greek debt crisis took a toll on markets and energy futures lost ground. In addition to falling oil prices, Canadian traders reacted to policy initiatives by Alberta’s recently elected New Democratic Party government to toughen standards on the province’s carbon emitters.
Gold futures had another tough week after August contracts for bullion lost 2.4%, or US$28.70, before finishing at US$1,173.20 per oz. August contracts for West Texas Intermediate crude oil dropped nearly 2.7%, or US$1.60, en route to a $58.78-per-barrel close, while September contracts for copper jumped 2.3%, or US6¢, before closing at US$2.64 per lb.
Unigold led the value-added category after announcing a strategic investment from Osisko Gold Royalties that should help it explore and develop gold assets in the Dominican Republic. The company gained 18¢, or 1,166%, before closing at 19¢ per share.
On June 25 Unigold reported that Osisko has signed a subscription agreement wherein it would pick up 5.1 million shares in the company at 20¢ per share, for gross proceeds of $1 million. The Osisko subscription comprises the first tranche of a “potentially larger” offering of up to 7.5 million shares, for gross proceeds of $1.5 million.
Osisko also gains an option to buy a 2% net smelter return royalty on Unigold’s flagship Neita property for a $2-million consideration, which will be exercisable for 90 days after Unigold delivers a feasibility study.
Explorer Kennady Diamonds topped the value-lost column after exploration and bulk sample results from its Kennady North project in the Northwest Territories. The company dropped 57¢ on 148,880 shares traded, before finishing at $4.81 per share.
On June 22 Kennady released recovery results from 2.7 tonnes of kimberlite from the Kelvin North lobe that returned a 2.74-carat-per-tonne sample grade for commercial-size diamonds.
Kennady followed up on June 25 with the latest round of infill drill results from the project. Drill hole 15-14 cut 156.3 metres of kimberlite from 114 metres deep at Kelvin North, while hole 15-42a intersected 51.4 metres of kimberlite from 152 metres deep at the Faraday 2 target.
Canada-focused explorer Xmet was the most traded company after an update on its project portfolio across Ontario and Quebec. Xmet saw just over 8 million of its shares change hands, though its valuation stayed at 1¢ per share.
The company is planning a mid-year ground reconnaissance program and geophysical survey at its new Win-Win gold project.
Be the first to comment on "TSX Venture declines, June 22-26"