Resource Stock Roundup Friday, June 13, 2008
Jun 13th, 2008 | By Doug Casey | Category: Gold MarketThe Canadian Markets continued their retreat during Thursday trading with even the red hot potash plays succumbing to profit taking.
For the tale of the tape, the TSX Exchange fell 0.69%, while the TSX Gold Index gave back 2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 0.16% with the declining issuers out pacing the advancers by a 534 to 471 margin on more normal volume of 222 million shares traded.
Shares in Potash North Resource finally took a rest after a string of positive sessions. The company dropped C$0.86 to close at C$3.20.
Another potash player, Raytec Metals announced a C$17 million financing comprising 10 million units at C$1.20 per unit and 3,571,500 flow-through common shares at a price of C$1.40 per flow-through share. A unit holds one share and one warrant, which is exercisable at C$1.60 for a period of two years. Raytec ended the day down C$0.20 at C$1.62.
On a percentage basis, it was a good day for the beleaguered shareholders of Constellation Copper. The financially troubled company got a boost after Jaguar Financial and an unidentified partner announced that they now hold a 9.9% equity position in Constellation and that they had made a restructuring proposal. Constellation ended the day up C$0.03 at C$0.06.
Hathor Exploration closed its C$15 million bought deal financing at C$3 per share and is now cashed up to advance the roughrider uranium zone in Saskatchewan. Hathor ended the day up C$0.27 at C$2.90.
A stock to watch is Redcorp Ventures. Shares in the junior, best known for its advanced Tulsequah Chief massive sulphide project in British Columbia and its problems with getting trapped in the asset backed commercial paper market, was halted pending news at C$0.205.
The junior bourse is feeling a little overextended with good trading volumes not pushing the market higher. Is it the calm before the storm? We will see what Friday trading has in store.
Source: Resource Stock Roundup Friday, June 13, 2008
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.