In a reversal of fortunes, Western Canadian Coal will loan up to $36 million to its major shareholder to Cambrian Investment Holdings, a wholly owned subsidiary of Cambrian Mining PLC. Cambrian will use the funds to repay its financing facility with Investec Bank. Western ended the day up C$0.17 at C$0.88.

NovaGold Resources (AMEX:NG) wasted little time in raising much needed capital. The cash-starved company inked a deal to sell just over 46.1 million units at $1.30 each for gross proceeds of $60 million. NovaGold ended the session up C$0.13 at C$1.90.

Meanwhile, New Gold (AMEX:NGD) has placed its Amapari mine in Brazil on temporary care and maintenance due to cost factors. New Gold ended the day at C$1.61 for a C$0.16 loss.

Dynamite Resources added C$0.005 to close at C$0.10 after the junior announced that Blue Note Mining acquired an additional 12.5 million shares of the cash-rich company.

Uranium players generally had a good session with junior JNR Resources adding C$0.155 to C$0.445 and Strathmore Minerals adding C$0.15 to close at C$0.44.

As expected Friday marked a slow trading day as most investors do not get back to their computer screens until Monday. That said, the buy side interest is encouraging. We will see what Monday trading has in store.

Source: Resource Stock Roundup: Monday, January 05th, 2009