ORENINC INDEX flat as market prepares for summer dulldrums – June 12th, 2023

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ORENINC INDEX – Monday, June 12th, 2023

North America’s leading junior mining finance data provider

Last Week: 43.44

This week: 46.83

The Oreninc Index increased in the trading week ending June 9th, 2023, to 46.83 from 43.44 a week ago as the market prepares for the summer dull drums.

On to the money: the aggregate financings announced decreased to $38 million, a 2-week low, with five new brokered financings and no new bought-deal financings announced. The average offer size decreased to $1.2 million, a 22-week low, and the number of financings decreased to 31.

Gold closed the week lower at $1,977/oz from $1,995/oz a week ago. The US dollar index closed flat at 103.56 from 103.56 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week lower at $37.41 from $38.50 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 242.97 from 249.05 last week.

In other commodities, Silver closed the week higher at $24.41/oz from $23.98/oz a week ago. Copper closed higher at $3.78/lb from $3.71/lb a week ago. Oil went lower as WTI closed higher at $70.17 a barrel from $70.110 a barrel a week ago.

The Dow Jones Industrial Average closed higher at 33,877 from 33,062 a week ago. Canada’s S&P/TSX Composite Index closed higher at 19,892 from 19,672 the previous week. The S&P/TSX Venture Composite Index closed lower at 610.32 from 606.01 a week ago.

Summary:

  • The number of financings lowered to 31.
  • Five brokered financing were announced this week for $15.6m, a 3-week high.
  • No bought-deal financing was announced this week.
  • Total dollars lessened to $38m, a 2-week low.
  • The average offer decreased to $1.2m, a 22-week low.

Major Financing Openings:

  • Emerita Resources Corp. (TSX-V:EMO) opened an $11 million offering on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 36 months. The deal is expected to close on or about June 13, 2023.
  • Gladiator Metals Corp. (TSX-V:GLAD) opened a $7 million offering underwritten by a syndicate led by Research Capital Corp. on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about June 28, 2023.
  • European Energy Metals Corp. (TSX-V:FIN) opened a $2.5 million offering on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • Getchell Gold Corp. (CSE:GTCH) opened a $2.5 million offering on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.

Major Financing Closings:

  • Bravo Mining Corp. (TSX-V:BRVO) closed a $19.77 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a best-efforts basis. The deal is expected to close on or about June 8, 2023.
  • Mirasol Resources Ltd. (TSX-V:MRZ) closed a $7.39 million offering on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 12 months. The deal is expected to close on or about July 6, 2023.
  • Gabriel Resources Ltd. (TSX-V:GBU) closed a $6.44 million offering on a best-efforts basis. The deal is expected to close on or about June 8, 2023.
  • E3 Lithium Ltd. (TSX-V:ETL) closed a $5.62 million offering underwritten by a syndicate led by Red Cloud Securities Inc. on a bought-deal basis. The deal is expected to close on or about June 8, 2023.

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