News

January 03, 2009

That Was The Week That Was … In Canada

By Our Canadian Correspondent

Minews. Now over to our Canadian Correspondent for a look at how the Canadian markets performed over the past week.

CC. The Canadian Markets ended 2008 and started 2009 in rebound mode after receiving a pummeling during the tax loss selling season. News was in short supply across the board, but bargain hunters went shopping for undervalued equities. Once all the trading was done for the week, the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, had surged an impressive 21.5 per cent.

Funding remains a key issue for 2009, and kicking off the week Western Canadian Coal announced that it will loan up to US$36 million to its major shareholder to Cambrian Investment Holdings, a wholly owned subsidiary of Cambrian Mining. Cambrian will use the funds to repay its financing facility with Investec Bank. Western ended the week up C$0.31 at C$0.88.

Meanwhile, NovaGold Resources wasted little time in raising much needed capital. The cash-starved company inked a deal to sell just over...