This week Major League Baseball honored Mariano Rivera at his 13th All-Star Game as the Best of All Time relief pitcher. Rivera is a highly decorated player, a 5 time world series champ, with the MLB record for career saves, and was met with a well-deserved standing ovation. The 300 save club is for relief pitchers who have recorded 300+ regular season saves, by entering in the ninth inning of the game when his team is winning by three or fewer runs, and finishing the game by pitching one inning without losing the lead. Rivera smashed through the 300 save club, holding the save record with 638 career saves.
In the junior mining business there are rarely any standing ovations given. It’s a tough market, and moments to celebrate seem few and far between. With the news out this morning from Donner Metals (TSXV: DON) announcing the closing of the first tranche of their private placement may seem like a regular update for a company raising money for development of a new zinc/copper mine, that just began production in mid-May this year. At that time I expected Donner’s team and Chairman of the company David Patterson to get the standing ovation for bringing a new discovery all the way through to production, with recognition for raising huge sums in some of the toughest markets juniors have seen. Things quickly unfolded, much of it hard (or impossible) to see. Donner was hit hard and it appeared like the Mighty Casey, they would strike out
But thanks to the closing of this financing, it looks like a “career save” for Donner, except that David Patterson has been pitching the whole game with no relief. When this financing was originally announced on June 24th, Donner’s share price sunk from $0.12 to a low of $0.035, with huge volume being traded, and I expect to see more of that with news out this morning. Another recent save for the company came from partner Sandstorm Metals & Energy (TSXV: SND) who recently waived the requirement for cash from Donner’s copper production for 2013, electing to wait until 2014 and allow Donner to get its feet underneath it from production at a mine in production infancy. The news this morning http://donnermetals.com/closing-of-private-placement-july2013 includes more about the strength of the team up with Sandstorm, whose “subscription for 26,500,000 Units results in Sandstorm holding 40,360,330 Common Shares, or 12.94% of the currently outstanding Donner Metals Common Shares. Sandstorm was also issued 26,500,000 Warrants as part of the Units, the full exercise of which would result in Sandstorm holding 19.76% based on the Company’s currently outstanding Common Shares.”
This shows that Donner’s management is working on more behind the scenes in hopes of getting out of this inning without any further runs scored against them. I’m very pleased to see this news because it shows that with everything they’ve accomplished, The Mighty Casey has not struck out.