The S&P/TSX Venture Composite Index lost 1.19% to finish the trading week at 383.94.
Gold X Mining's shares rose 20 ? to $1.53. The junior, which is advancing its Toroparu project in Guyana, announced the appointment of Paul Matysek as its CEO and chairman. Matsyek, a geologist and geochemist, has sold five publicly listed exploration and development companies since 2004 in deals worth a total of more than $2 billion. Most recently, the mining executive was executive chairman of Lithium X Energy, which was sold to Nextview New Energy Lion Hong Kong Ltd. for $265 million in cash. He also the co-founder and CEO of Energy Metals Corp., a uranium company that grew from a market capitalization of $10 million in 2004 to about $1.8 billion when it was sold in 2007. In other news, Gold X Mining announced a non-brokered private placement of 2.63 million shares at 95 ? per share for proceeds of up to $2.5 million. The Toroparu project contains 7.4 million oz. gold in the measured and indicated category.
Shares of Meridian Mining climbed 6 ? to 12 ?. The junior reported making progress in refinancing discussions, reaching an agreement in principle with the holders of each of the company's term loans on the framework of a consolidated restructuring plan that will deleverage Meridian from its current debt levels. The framework involves a conversion of all of the company's loans into equity at a significant premium to market, royalty interests and no interest limited recourse debt. In connection with the restructuring Meridian also plans to raise new capital in the second quarter of the year. Meridian has properties in Brazil, including the Espigao polymetallic project, the Mirante da Serra manganese project and the Ariquemes tin exploration portfolio.
Revelo Resources jumped 100% to 1 ? per share. The junior closed the sale of 20 generative net smelter return (NSR) royalty interests over exploration properties in Chile for proceeds of US$1.5 million. Eighteen of the 20 were sold to EMX Royalty for US$1.6 million.
Morien Resources' shares dropped 32 ? to 13 ?. The company reported on March 30 that Kameron Collieries, the owner of the Donkin coal mine in Cape Breton, Nova Scotia, has put the mine on care and maintenance "due to adverse geologic conditions in the mine." Nova Scotia's Department of Labor and Advanced Education suspended operations at Donkin after a roof fall in the 'Tailgate' section of the mine on Feb. 13. No one was injured in the roof fall, and the mine will be maintained by a small staff to ventilate and keep the facility dewatered. Morien has a 2% to 4% production royalty on Donkin, which commenced production in 2017.