On Tuesday, even with nice warm weather and the Hockey Hall of Fame induction announcements, the resource financing market had a respectable amount of action.

There were five deal openings with expected proceeds of $24.8 million. Additionally there were five deal closings with gross proceeds of $8.9 million. Also, terms for four previously announced deals were updated.

Tuesday's Largest Private Placements

Openings

Silver Quest Resources Ltd. (TSX-V:SQI) opened a $12 million private placement on a best efforts basis consisting of common and flow-through portions. A portion of the private placement is underwritten by Paradigm Capital. Each common unit includes a 1/2 warrant that expires in 18 months. The deal is expected to close on or about July 19, 2011.

East Asia Minerals Corp. (TSX-V:EAS) opened a $10 million private placement on a bought deal basis. The private placement isunderwritten by RBC Capital. The deal is expected to close on or about July 13, 2011.

American Vanadium Corp. (TSX-V:AVC) opened a $2.5 million private placement on a best efforts basis. Each unit includes a1/4 warrant that expires in 18 months.

Sama Resources Inc. (TSX-V:SME) opened a $2.19 million private placement on a bought deal basis. Each unit includes 1 warrant that expires in 12 months.

Closings

Virginia Mines Inc. (TSX:VGQ) closed a $3 million private placement on abest efforts basis. The private placement was underwritten by Oberon Capital.Corp.



Western Pacific Resources Corp. (TSX-V:WRP) closed a $2.5 million private placement on a best efforts basis. Each unit included a 1/2 warrant that expires in 12 months.


Updates

Bearing Resources Ltd. (TSX-V:BRZ) updated the common shares portion oftheir private placement from $2.5 million to $3.5 million. Each unit includes a1/2 warrant that expires in 12 months.



Inter-Citic Minerals Inc. (TSX:ICI) closed the first tranche of their $21 million private placement for $12.6 million. The deal is expected to close on or about July 7, 2011.