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Mining & Metals
Gold Terra Resource Closes First Tranche of Private Placement, Raises C$8.75 Million
Gold Terra Resource (YGT.V) said Friday it closed the first tranche of its previously announced non-brokered private placement, raising C$8.75 million in gross proceeds.The company said the offering is expected to raise a total of C$10.8 million, with the second tranche anticipated to close on or around July 31, subject to customary conditions.Gold Terra said the financing received support from new investors as well as existing shareholders, including David Harquail and Mackenzie Fund.Gold Terra Resource (YGT.V) said the first tranche included placing about 8.6 million common shares at C$0.18 each for gross proceeds of about C$1.55 million. Additionally, 20 million charity flow-through shares were issued at C$0.25 each for C$5 million, and 10 million flow-through shares at C$0.22 each for C$2.2 million.
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Mining & Metals
TSX Closer: Index Rises as Financials, Healthcare Gain; Oil Retreats Despite Geopolitical Risks
The S&P/TSX Composite Index edged higher on Friday as gains in financial and healthcare stocks outweighed weakness in battery metals, while investors assessed corporate earnings, easing oil prices and ongoing geopolitical and trade risks.The index closed up 176.44 points, or 0.50%, at 35,369.10, with sectors trading in mixed dealings. Healthcare led gainers up 1.3%, followed by the financial sector, up 0.8%. Battery Metals Index led decliners, down 2.4%.In commodities, gold was mostly steady on Friday, sticking above the $4,000 mark even as the dollar nudged higher. The precious metal for August delivery was last seen up $5.1, or 0.1%, at $4,055.30 per ounce.Meanwhile, oil prices retreated from six-week highs early on Friday even as Middle East fighting continues, with Iran and the US continuing attacks and Houthi militants threatening shipping in the Red Sea.West Texas Intermediate crude oil for September delivery closed down $2.88, or 3.1%, to $89.31 per barrel, while September Brent oil was last seen down $3.02, or 3.00%, to $97.67.The longer oil prices remain elevated, the greater the squeeze on household budgets, TD Economics said in a note on Friday, adding that mortgage rates have already climbed to nearly 6.9%, a one-year high that will further strain affordability in the near term."WTI crude climbed by $10 per barrel from the end of last week to briefly above $93 before easing below $90 Friday morning. Marking another potential escalation, President Trump warned that the US would attack critical infrastructure if Iran targeted vessels," TD Economist Admir Kolaj.In economic news, Statistics Canada reported Friday that the Industrial Product Price Index fell 1.4% month over month in June as a tentative US-Iran deal boosted prospects for shipping through the Strait of Hormuz and lowered energy prices.Prices for energy and petroleum prices dropped 9.1% in June after a run of monthly gains this year.In another finding released on Friday, the Ottawa-based agency said Canada's new housing price index declined for a fourth straight month in June, sliding 0.1%. The index measures changes in the selling prices of new residential homes and covers new single homes, semi-detached home and townhouses.Meanwhile, investors continued to assess the potential economic fallout from escalating US-Canada trade tensions.Some analysts see the announcement of a possible 50% US tariff on Canadian goods this week mainly as a pressure tactic to get Canada to the negotiating table on US terms and soon, but BMO Economics wrote in a note that it isn't as confident on this.Chief Economist Douglas Porter said a 50% tariff would hit British Columbia, Quebec and Ontario the hardest. If maintained, the taxes could shave off 0.5% of national GDP, he estimated.In corporate news, Canadian National Railway Company (CNR.TO) reported second-quarter adjusted net income of C$1.26 billion, or C$2.08 per share, up from C$1.17 billion, or C$1.87 per share, in the year-ago quarter. Total revenues for the quarter were C$4.75 billion, up from C$4.27 billion.
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Mining & Metals
McChip Resources Names Carlo Rigillo Chief Financial Officer
McChip Resources (MCS.V) after trade Friday said it appointed Carlo Rigillo as its chief financial officer and corporate secretary, and Grant Duthie has joined the company as an independent director, effective immediately.Ed Dumond has stepped down as CFO and corporate secretary, while Gordon McCreary, Douglas Bolton, Anthony Weldon, and Timothy Gould resigned as directors, the company added.Rigillo is a chartered professional accountant with more than 20 years of experience in risk management, business processes, and strategic operations. Duthie is a Toronto-based corporate and securities lawyer, according to the statement.Following these changes, McChip's management and board consist of Chief Executive Officer Richard (Bo) McCloskey, Rigillo, and Directors Dumond and Duthie.
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