Here’s your new weekly roundup of announced equity financings, courtesy of PrivatePlacements.com, the only database that tracks every financing, every day.
1. Ero Copper Corp. (TSX: ERO)
- Gross Proceeds: US$105 million (bought deal)
- Sector: Base metals
- Units issued: 8.51 million
- Type: Common shares
- Price: US$12.35
- Warrants: None
- Agents: BMO Capital Markets
- Use of Proceeds: Project growth
Company breakdown:
Ero Copper Corp. (TSX: ERO) is a large copper producer focused on a number of mines and projects in Brazil: its Caraíba operations, which include the Pilar and Vermelhos underground mines and the Surubim open-pit mine; the Tucumã project; and the Xavantina operations, formerly known as the NX gold mine.
Ero expects to double its copper production by 2025 through the construction-stage Tucumã project, which an optimized feasibility study pegged with a post-tax net-present value of US$380 million. This financing will be used primarily to advance that project.
Shares of Ero climbed aggressively for much of the past year, but after July began to fall, shedding 50% of its valuation from its July 31 peak.
2. West Red Lake Gold Mines Inc. (CSE: WRLG)
- Gross Proceeds: $13 million
- Sector: Precious metals
- Units issued: 25 million
- Type: Special units
- Price: $0.52
- Warrants: Full; $0.68; Three years
- Agents: Canaccord Genuity, Eight Capital
- Use of Proceeds: Project advancement
Company breakdown:
West Red Lake Gold Mines (CSE: WRLG) is a gold junior aiming to develop its flagship Madsen gold mine in the Red Lake district of Ontario. Its property covers three past producing gold mines, Rowan, Mount Majie, and Red Summit.
The company recently reported drill results from its Rowan project, including intersections of 14.61 grams of gold per tonne (g/t Au) over 1.5 metres and 70.80 g/t Au over 8.3 metres. The company says these results "bode well for future expansion opportunity" and confirm its geological modelling of the project. Shares of the company have risen a bit since it began drilling the project.
The company says that it will continue with drilling, focused on infilling and expanding its existing resource.
3. C3 Metals Inc. (TSX-V: CCCM)
- Gross Proceeds: $8.05 million (upsized)
- Sector: Base/precious metals
- Units issued: 115 million
- Type: Common shares
- Price: $0.07
- Warrants: None
- Agents: Non-brokered
- Use of Proceeds: Ongoing exploration
Company breakdown:
C3 Metals is a junior exploration company focused on finding copper and gold on its projects in Jamaica and Peru.
The company has hit several long intervals of copper and silver at its flagship Bellas Gate project in Jamaica, including 309 metres of 0.44% copper and 178.5 metres of 0.37% copper. It recently announced new drill results from Bellas Gate, including a drill hole that hit 1.1 metres of 1.27% copper and 4,090 grams per tonne silver (g/t Ag). Drilling will continue, with further results expected.
4. Western Atlas Resources Inc. (TSX-V: WA)
- Gross Proceeds: $4 million
- Sector: Precious metals
- Units issued: 117.55 million
- Type: Common shares
- Price: $0.06
- Warrants: None
- Agents: Non-brokered
- Use of Proceeds: Ongoing exploration
Company breakdown:
Western Atlas (TSX-V: WA) is a precious metals junior with projects in Nunavut. It also recently announced a binding agreement to acquire and develop new projects in Venezuela.
The company says this latest private placement will be used for exploration and drilling at its Meadowbank project in Nunavut, and for potential future acquisitions. It also comes concurrent to a 4:1 share rollback.
The company says its initial drilling program at Meadowbank included intersections of "anomalous values for gold and silver, covering just one of 10 prospective undrilled areas it has identified.
5. Goldshore Resources Inc. (TSX-V: GSHR)
- Gross Proceeds: $3.75 million
- Sector: Precious metals
- Units issued: 37.5 million
- Type: Special units
- Price: $0.10
- Warrants: full; $0.13; Three years
- Agents: Non-brokered
- Use of Proceeds: Project advancement
Company breakdown:
Goldshore Resources (TSX-V: GSHR) is a gold junior focused on the Moss project in Ontario. The company is currently working on developing a new resource model and resource estimation in order to create a preliminary economic assessment. 80,000 metres of drilling have been completed so far.
