5 Top TSX Stocks: Eco Oro Minerals Up 31.03 Percent on Private Placement

This past Friday, the S&P/TSX Composite index (INDEXTSI:OSPTX) sank 118.1 points to hit 13,478.31 points. For the week as a whole it declined 2.8 percent, meaning that it has now fallen 2.9 percent in 2015. 
Nevertheless, some TSX-listed stocks enjoyed a little upward momentum. The top gainer was Eco Oro Minerals (TSX:EOM), and it was followed by SouthGobi Resources (TSX:SGQ), Newmarket Gold (TSX:NMI), Northern Dynasty Minerals (TSX:NDM,NYSEMKT:NAK) and Avnel Gold Mining (TSX:AVK). Here’s a look at what moved their share prices last week.

Eco Oro Minerals

Precious metals exploration and development company Eco Oro Minerals was the top gainer on the TSX last week, rising 31.03 percent to hit $0.57. The company is currently advancing its Colombia-based Angostura gold–silver project, though it holds other projects in that country as well. A recent updated mineral resource estimate for Angostura shows that it holds a measured and indicated resource of 15.06 million tonnes grading 4.57 g/t gold and 19.3 g.t silver.
Most recently, on August 31, the company closed a non-brokered private placement announced on August 17. It will sell up to 7,677,674 company shares priced at $0.43 each, generating proceeds of $3,301,399.82.

SouthGobi Resources

Last week, SouthGobi Resources’ share price rose 22.22 percent to hit $0.55. The coal-focused company has several key assets in Mongolia, including the Ovoot Tolgoi open-pit coal mine and three development projects: the Soumber deposit, the Zag Suuj deposit and the Ovtoot Tolgoi underground deposit.
SouthGobi has put out quite a bit of news lately. It said on August 30 that the Toronto Stock Exchange has agreed to defer its delisting decision on SouthGobi until September 30. It also announced a number of management changes on August 31 and September 1, important among them being the appointment of a new CEO.

Newmarket Gold

Newmarket Gold recently merged with Crocodile Gold, and now owns three operating mines in Australia that together produce over 200,000 ounces of gold per year. Last week, the company’s share price rose 17.76 percent to close at $1.26, though it did not release any news.

Northern Dynasty Minerals

Last week, Northern Dynasty Minerals’ share price rose 15.22 percent to reach $0.53. The company, which owns the Pebble Limited Partnership and controversial Pebble gold-copper–moly project, had a busy week, first closing the initial tranche of a C$10.2-million private placement, and then entering into a definitive arrangement agreement to acquire Cannon Point Resources (TSXV:CNP).
Northern Dynasty’s acquisition of Cannon Point is expected to close this October, and as part of the deal Cannon Point will provide Northern Dynasty with a $4.25-million secured loan. That money and the private placement money will be used for working capital and to advance the Pebble project. Interestingly, however, some market watchers have suggested that Cannon Point agreed to the deal in hopes that the EPA, which is blocking Pebble’s development, will settle with Northern Dynasty.

Avnel Gold Mining

Finally, Avnel Gold saw its share price rise 8.89 percent to end last week at $0.25. The company is currently focused on developing its Kalana gold project, though it’s also moving forward at a number of satellite deposits. Avnel hasn’t released any news since August 12, when it released its financial results for the second quarter of 2015.
 
Data for TSX Top 5 articles is retrieved each Friday after market close. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. 
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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