Over the June 27 to July 1 trading week, the S&P/TSX Venture Composite Index fell 35.1 points or 5.38%, to end at 617.26.
Among the top gainers in terms of value for the period was Angus Gold, which gained 25 ? per share or nearly 24% to $1.01. During the week, Angus closed a non-brokered private placement of five million flow-through shares at $1.15 for a total of $5.8 million. Delbrook Capital Advisors' funds acquired subscribers' shares to the offering, taking their total stake to 16.2%. New Gold also exercised its right to maintain its pro-rata interest in the company and now owns 9.9% of the issued and outstanding common shares. This financing strengthens the company's balance sheet allowing it to fund the ongoing exploration and drill program at its Golden Sky project in Ontario. The project is adjacent to the numerous producing mines and development projects of Wesdome Gold, Alamos Gold, and Argonaut Gold in the Wawa camp, but Angus believes it to be highly underexplored.
Foran Mining added 23 ? or nearly 11% during the week to close at $2.39 per share. The company continues to intercept high-grade copper and zinc mineralization, but recent work has outlined a substantial opportunity also to uncover extensive anomalous gold zones. During the week, the company provided the market with an exploration update from regional targets called Bigstone and Marconi prospects, 25 km west of the flagship McIlvena Bay deposit. Assay results from 14 holes in the Bigstone deposit point towards exploration success at Bigstone-Marconi, underpinning the company's strategy to explore and discover near-mine opportunities under a centralized milling scenario. Among the highlight intercepts were hole BS-21-251, which returned 75 metres grading 2.1% copper equivalent, including 20.6 metres grading 3.6% copper equivalent; and hole BS-21-248, which returned 7.6 metres grading 1.1% copper equivalent, including 3.7 metres grading 1.8% copper equivalent.
Northisle Copper and Gold saw the most significant turnover of shares during the trading week, seeing 4.6 million shares change hands. The trading action saw the share price climb 2 ? to 21 ? each. Northisle announced on June 30 that all the proposed resolutions at its annual general meeting held on June 22 were passed, including the election of Keena Hicken-Gaberria as a director of the company. In the prior week, Northisle closed a non-brokered private placement of 1.6 million shares at 31 ? per common share and 16.3 million flow-through shares at 40 ? per share for a gross of $7 million. The company plans to use the funds to progress the North Island copper-gold porphyry project, near Port Hardy, B.C. It completed a preliminary economic assessment for the project in 2021 and is now focused on advancing the project through a prefeasibility study while continuing exploration within its prospective land package.