TSX Venture takes a step back, Feb. 17-20

The S&P/TSX Venture Composite Index lost ground during the shortened trading period, as it dropped 1.57 points before finishing at 694.94 points. Commodity futures were down across the board, with resource and industrial groups trending downward. Meanwhile, Greece was granted a four-month extension by its eurozone partners on bailout loans, and Statistics Canada reported that retail sales slid 2.1% in December to $42.1 billion, the largest decline since April 2010.

Gold futures fell for a third straight week, with April contracts for bullion losing 1.9%, or US$23.90, en route to a US$1,204.90 per oz. close. April contracts for West Texas Intermediate crude oil dropped 6%, or US$3.25, before finishing the week at US$50.81 per barrel, while May contracts for copper lost US1.5¢ before closing at US$2.59 per lb.

Industrial minerals outfit Bacanora Minerals sat near the top of the value-added column after a major shareholder expanded its equity position. The company gained 24¢ before closing at $1.24 per share.

On Feb. 19 Bacanora reported that U.K.-based peer Rare Earth Minerals now owns 12.1 million shares in the company, which equates to a 14.4% equity interest. A week earlier Rare Earth’s exercised a right to nominate its CEO David Lenigas to Bacanora’s board of directors. Bacanora is developing its Sonora lithium and Magdalena borate projects in Mexico.

In financing news, explorer Kennady Diamonds closed the first tranche of a private placement wherein it issued 1.6 million shares at a price of $3.55 per share for gross proceeds of $5.8 million. Shares dropped 38¢ before finishing at $3.41. Shares in the placement are subject to a four-month hold period. Kennady expects to close a second tranche before March, which will include flow-through shares at $5 per share, as well as more common shares at $3.55 apiece. The proceeds are earmarked for the company’s 2015 winter exploration program at the Kennady North diamond project in the Northwest Territories.

In corporate news, trading spiked for Argentine-focused junior Hunt Mining after news of additions to its management roster. The company saw nearly 11 million of its shares change hands, though it gained just 0.5¢ before closing a 1.5¢ per share.

On Feb. 19 Hunt announced it had engaged Martin Fromm and Klaus Triebel to advance its flagship La Josefina gold-silver project and contiguous La Valenciana project, 120 km south of Gobernador Gregores, Argentina. Fromm previously served as a project manager with Patagonia Gold in Santa Cruz, Argentina, while Triebel comes from an engineering role with silver producer Coeur Mining.