TSX Venture slightly up, May 24-28

The S&P/TSX Venture Composite Index rose 0.95% to finish the trading week at 966.28. Spot gold increased by US$22.80 per oz., or 1.21%, to US$1,903.50 per ounce.

Labrador Gold rose 2¢ to $1.12 per share. The company raised $15 million in a non-brokered private placement of 16.7 million working capital units at a price of $0.90 each. New Found Gold acquired two-thirds of the units, and Eric Sprott one-third. A single unit consists of one common share and one-half share purchase warrant. Each full warrant is exercisable to acquire a common share of Labrador Gold at $1.05 until May 18, 2023. Labrador Gold will use the funds primarily to explore its Kingsway gold project in Newfoundland and Labrador, 18 km northwest of Gander.

Shares of Nexus Gold increased by 1¢ to 7¢. The company reported initial assays from its Phase 2 drill program at its 100%-owned McKenzie gold project in Ontario, about 20 km northwest of Red Lake. Completed in April, the drilling was a follow-up program designed to test and expand on the results from Nexus’ drill program last summer in the St. Paul’s Bay area of the property. Highlights included drillholes MK-21-019, which intersected 136 metres grading 1.25 grams gold per tonne from 148.5 metres, including 44.9 metres of 3 grams gold; and MK-21-017, which returned 6.2 metres grading 1.35 grams gold from 274 metres. The drill program in the St. Paul’s Bay area has outlined a broad zone of mineralization about 200 meters long and 40 meters wide, which the company says appears to be striking to the northwest and dipping to the east. It remains open to the northwest and to depth.

Vizsla Silver fell 20¢ to $2.45 per share. The company announced a $60 million bought deal financing with a syndicate of underwriters led by Canaccord Genuity. The underwriters have agreed to purchase 24 million units at $2.50 each. Each unit consists of one common share and one-half of one common share purchase warrant and each warrant can be exercised at a price of $3.25 for 18 months. The underwriters also have the option to purchase up to an additional 15% of the units sold under the offering to cover over-allotments. The proceeds will be used to advance exploration and development of its Panuco project in Mexico’s Sinaloa state; make option payments; and for strategic opportunities. Vizsla is drilling along four separate vein corridors at Panuco. It has an option to acquire 100% of the project.