March 2014


Equity financings in the mining sector have continued at an increasing pace throughout the first quarter of 2014.  The TSX Venture Composite Index continues to trade above 1,000 points and has remained above this level since mid February of this year. The chart below shows an encouraging upward trend and is a positive sign for investors looking for an entry point. In the current market environment, many companies are strategically setting up new deals to finance their upcoming exploration programs this spring.

One of the most notable headlines of the month was Torex Gold Resources successfully raising $143 million dollars in a bought financing at $1.20 per unit (1 common + ½ warrant at $1.50). The underwriting was led by BMO Capital Markets, and included Dundee Securities Ltd., GMP Securities L.P., Scotia Capital Inc., Macquarie Capital Markets Canada Ltd., RBC Capital Markets, Clarus Securities Inc., Desjardins Securities Inc. and Industrial Alliance Securities Inc. The net proceeds of the Offering will be used to fund the ongoing mine development and construction plan for the El Limón and Guajes project and for general corporate purposes.

The Venture Radar provides information about TSX and TSX Venture mining companies who are opening, updating and successfully closing financings.

In February 2014, the Venture Radar posted 74 deals of which 40 successfully raised a combined approximate value of $400 million. Approximately 34 new deals opened during February, with a combined value totaling over $349 million.

Top 10 Closed Financings in February 2014

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