Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,298 and $1,307 so far today…as of 7:00 am Pacific, bullion is up $3 an ounce at $1,305…Silver has added 12 cents to $15.38…Copper is up a penny to $2.94…Nickel is 5 cents higher at $5.87 while Zinc is unchanged at $1.29…Crude Oil is flat at $58.53 while the U.S. Dollar Index is also unchanged at 96.52…OPEC and other major Oil producers today canceled a meeting planned for April, a move that leaves the alliance’s price-boosting production cuts in place until at least June…the group is delaying its decision because it expects the Oil market to remain oversupplied through the 1st half of the year, Saudi Energy Minister Khalid al-Falih said at a committee meeting in Baku, Azerbaijan…the delay also allows the producers to assess how U.S. sanctions on OPEC-members Iran and Venezuela will affect the Crude market in the coming months…
2. Underneath the stock market’s epic rebound has been a “more favorable” trend that Credit Suisse says will drive the market higher…the bank has dialed up its year-end forecast for the S&P 500 to 3,025 from 2,925 previously…the new forecast calls for a gain of more than 20% or more than 7% from current levels after the big rally to start the year…it would also be the stock market’s best year since 2013..all the market risks that tanked stocks in December are now “receding” according to Credit Suisse chief U.S. equity strategist Jonathan Golub…“Less hawkish comments from the Fed, declining inflation and recession fears, and the potential for a resolution to China trade issues are the primary forces driving volatility and spreads lower, and stocks higher,” he stated…notably, the U.S. election cycle favors bullish markets this year…U.S. equity markets have risen significantly in the year after all 18 mid-term elections since World War II with the S&P delivering an average return of 14.5%, according to LPL Financial Research…the pattern is pointing to a longer bull run even after this year’s epic rebound…the S&P is up only 1.3% since the mid-terms last November, so there is indeed a lot of room for stocks to run in 2019 based on historical patterns…
3. Canadian mining companies and investors don’t need to be lectured by socialists from Mexico – they’ll just take their money elsewhere…Canadian companies operating in Mexico have been “put on notice” that the sector is going to face increased scrutiny on its environmental practices and treatment of Indigenous people, according to the the country’s new ambassador to Ottawa…“President Lopez Obrador has been very public about this, that we really want a strong, profitable mining sector – and Canadian mining companies are large investors in Mexico – but we expect them to operate in this country with exactly the same standards as they do in Canada,” Juan Jose Gomez Camacho, who was ratified as the new ambassador last Thursday, said in an interview at the foreign affairs ministry in the Mexican capital…some 70% of foreign-owned mining companies operating in Mexico are based in Canada, according to Global Affairs Canada…in 2015, Canadian firms held assets in Mexico totalling nearly $20 billion (U.S.)…Gomez Camacho said enforcement of Mexico’s existing laws will be increased under the government of Lopez Obrador, a socialist who has made “combating corruption” and improving the welfare of Mexico’s poor key parts of the plan for his 6 years in office…“One area that is very important to us, in the case of the mining industry, is that we see a stronger, more robust impact on the socio-economic development of the communities where the mines are,” the ambassador said…part of this process is strengthening the rule of law in Mexico, he said, and “increasing the role of the state in making sure that the standards of operation in Mexico from foreign companies in this or any other sector are sustainable. But it’s also a self-discipline, it’s a question of companies’ values on how they operate”…it’s not hard to see where things are headed in Mexico – it’s yet another jurisdiction resource sector investors need to be increasingly wary of..
4. The Dow is up 22 points through the first 30 minutes of trading…in Toronto, the TSX has gained 52 points while the Venture has added another 4 points to 623, a new yearly high…Harvest One Cannabis (HVT, TSX-V) is a volume and price gain leader in early trading after announcing that it has inked an agreement to become a medical cannabis supplier to Shoppers Drug Mart…Auramex Resource (AUX, TSX-V) continues to consolidate an impressive land position in Northwest B.C. with the company announcing this morning that it has optioned the Silver Crown Property from Teuton Resources (TUO, TSX-V)…the Auramex geological team is planning to integrate the newly acquired Silver Crown Property into its exploration program along the Bear Valley-American Creek corridor near Stewart…currently, the team is finalizing its data compilation and preparing for the 2019 field season, which includes permitting for diamond drilling…on the CSE, Miramont Resources (MONT, CSE) has hit a new high of 63 cents in early trading…the company started drilling its promising Cerro Hermosa Project in Peru in late January and an update is expected soon…strong opportunity for a new discovery there…
5. Westhaven Ventures (WHN, TSX-V) was halted pre-market, pending news (likely drill results)…another discovery play in B.C. (high-grade Gold) we continue to watch closely…we were the first to bring Westhaven to investors’ attention last fall during the time BMR broke the story about a huge staking in the southern B.C. interior along the Spences Bridge Gold Belt…Westhaven raced from 15 cents to more than $1.40 after a series of stellar results from its Shovelnose Property near Merritt such as 17.7 m @ 24.5 g/t Au and 107.9 g/t Ag, including 6.78 m @ 50.76 g/t Au and 203.54 g/t Ag (hole #14)…2019 drilling started in late February (3,000-m program)…stock closed at 93 cents Friday…a move back above $1 would be a bullish technical development…
6. B.C. goes to court over Oil: British Columbia’s Court of Appeal will consider a key question regarding provincial powers in the political battle over the future of the Trans Mountain pipeline expansion project during a 5-day hearing that starts this morning…the B.C. government’s reference case asks the court if the province has jurisdiction to regulate the transport of Oil through its territory and restrict bitumen shipments from Alberta…specifically, it asks if proposed amendments to B.C.’s Environmental Management Act are valid and if they give the province the authority to control the shipment of heavy Oils based on the impact spills could have on the environment, human health or communities…the province is also asking the court whether the amendments are overridden by federal law…Alberta Premier Notley and Prime Minister Trudeau have said only Ottawa, not the provinces, has the authority to decide what goes in trans-boundary pipelines…Alberta and Saskatchewan have both filed documents as interested parties supporting Ottawa in the case…
7. One Canadian pot company is making a huge splash in the U.S. market…early last week, cannabis product retailer Harvest Health and Recreation (HRVSF, NASDAQ) announced it would buy competitor Verano Holdings for $850 million in an all-stock deal, marking the largest U.S. cannabis deal to date…the combined company will be one of the country’s largest multi-state operators, presiding over as many as 200 facilities in 16 states…Steve White, the co-founder and CEO of Harvest, has a clear vision for how Verano will bolster Harvest’s positioning in the still-developing U.S. pot industry…“Presently, we’re in a phase that people are referring to it as a land grab,” White told CNBC…“We plan on…developing the largest retail footprint, the largest retail platform, in the United States, and with this acquisition, I think we’ve done that”…Harvest currently operates in Arizona, California, Florida, Maryland, Ohio and Pennsylvania, and was already planning to open new locations in Massachusetts, Michigan and North Dakota…the Verano acquisition adds Illinois and Nevada to that list, as well as plans for new locations in Puerto Rico, Oklahoma and New Jersey…
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breaking below 40 with volume on CCW today cant be a good sign ugh
Comment by David — March 18, 2019 @ 12:47 pm
Jon…any discussion with Frank regarding the time it is taking to get the New Zone assays out, seems the market, rightly or wrongly is tired of waiting. Thanks
Comment by bob — March 18, 2019 @ 1:14 pm
I think it’s a great sign of a bottom, actually, David…what we’ve seen since Friday has got to be the last of 20-cent warrants/options related to March 2017 PP…
Comment by Jon - BMR — March 18, 2019 @ 2:12 pm
I concur.. I had a call from the company about exercising the warrants.. about 3 weeks ago… assume some may have forgotten.. most would have sold stock to buy the warrants… there still may be a bit mor weakness since I will be selling some of the warrant shares:) gotta love market orders to drive down the price eh!!!! no worries.. limit orders is all I place:)
Comment by Jeremy — March 18, 2019 @ 3:07 pm
Did some checking around this afternoon, Jeremy, and learned that most of that CCW selling today was actually related to CLM…which tells me CLM must be oversubscribed…some last second entrants into CLM PP put some pressure on both CCW and GGI today…admission closed for CLM PP means today was a one-off…
I don’t mind a stock dropping as long as I understand the reason why…these last couple sessions have been like a triple witching hour for CCW – I suspect the week is going to end very differently…
Comment by Jon - BMR — March 18, 2019 @ 3:17 pm
Thx Jon… and I couldn’t agree more.. understanding the reasons why is important.. still doesn’t feel very good tho..
Comment by Jeremy — March 19, 2019 @ 5:09 am
As expected, Crystal Lake (CLM, TSX-V) raises $4 million by expanding hard dollar portion to $3.5 million…officially closes in a few days…
Meanwhile, Tudor Gold (TUD, TSX-V) has just closed a $3 million PP with Eric Sprott jumping in for the first time in Tudor by taking half of that PP…
TUDOR GOLD ANNOUNCES CLOSING OF $2,983,550 NON-BROKERED PRIVATE PLACEMENT INCLUDING STRATEGIC INVESTMENT BY MR. ERIC SPROTT
Tudor Gold Corp. has completed its previously announced non-brokered private placement, which closed with the sale at 11,934,200 units at a price of 25 cents per unit, for aggregate gross proceeds of $2,983,550.
Each Unit consists of one common share and one transferable common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.40 for a period of one year from closing of the Offering, provided that commencing on the date that is four months and one day after closing of the Offering, if the closing price of the Company’s common shares on the TSX Venture Exchange, or any other stock exchange on which the Company’s common shares are primarily listed, is at a price greater than $1.00 per share for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants by giving written notice to the holders of the Warrants that the Warrants will expire on the date that is not less than 30 days from the date of such notice.
The proceeds from the sale of the Units will be used to reduce liabilities and improve the Company’s working capital, for general corporate purposes and to advance exploration of the Company’s mineral properties in the Golden Triangle of northwestern B.C. In connection with the Offering, the Company paid aggregate cash finder’s fees of $103,395 to certain third-party finders who introduced subscribers to the Offering.
All of the common shares, Warrants and any common shares issued upon exercise of the Warrants are subject to a hold period until July 20, 2019, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.
Strategic Investment by Mr. Eric Sprott
Pursuant to the Offering, Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 6,000,000 Units for a total consideration of $1,500,000. Following the completion of the private placement, Mr. Sprott’s holdings represent 5.5% of the issued and outstanding common shares of the Company, on a non-diluted basis, and 10.5% on a partially diluted basis, assuming the exercise of the Warrants acquired hereunder and forming part of the Units. Mr. Sprott did not beneficially own any securities in the Company prior to this investment.
The Units were acquired by Mr. Sprott for investment purposes and with a long-term view of the investment. Mr. Sprott may acquire additional securities of the Company either on the open market or through private acquisitions or sell securities of the Company either on the open market or through private dispositions in the future, depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of 2176423 Ontario Ltd.’s early warning report will appear on the Company’s profile on SEDAR and may also be obtained by calling (416) 362-7172 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J2).
About Tudor Gold
Tudor Gold is a precious and base metals explorer in British Columbia’s Golden Triangle, an area that hosts past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (Tudor Gold has a 60 % interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Pretium Resources Inc.’s Brucejack property to the southeast. The Company also has a 60% interest in the Electrum project, and a 100% interest in the 18,300 hectare Crown project, all of which are located in the Golden Triangle area.
We seek Safe Harbor.
Comment by Jon - BMR — March 19, 2019 @ 5:21 am
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1960-tsx-venture/tud/59579-tudor-gold-announces-closing-of-2-983-550-non-brokered-private-placement-including-strategic-investment-by-mr-eric-sprott.html
Comment by BCCOASTAL — March 19, 2019 @ 6:55 am