ORENINC INDEX up as financing appetite stays weak – June 26th, 2023

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ORENINC INDEX – Monday, June 26th, 2023

North America’s leading junior mining finance data provider

Last Week: 30.13

This week: 34.26

The Oreninc Index increased in the trading week ending June 23rd, 2023, to 34.26 from 30.13 a week ago as financing appetite remains weak during the summer doldrums.

On to the money: the aggregate financings announced increased to $57.9 million, a 3-week high, with two new brokered financings and no new bought-deal financings announced. The average offer size increased to $2.5 million, a 5-week high, and the number of financings increased to 23.

Gold closed the week lower at $1,925/oz from $1,970/oz a week ago. The US dollar index closed up at 102.69 from 102.28 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week lower at $35.59 from $37.20 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 233.64 from 241.34 last week.

In other commodities, Silver closed the week lower at $22.08/oz from $24.22/oz a week ago. Copper closed higher at $3.88/lb from $3.88/lb a week ago. Oil went lower as WTI closed lower at $69.37 a barrel from $71.80 a barrel a week ago.

The Dow Jones Industrial Average closed lower at 33,715 from 34,372 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19,587 from 19,988 the previous week. The S&P/TSX Venture Composite Index closed lower at 601.99 from 611.92 a week ago.


Major Financing Openings:

  • Marimaca Copper Corp. (TSX:MARI) opened a $20 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 24 months. The deal is expected to close on or about July 11, 2023.
  • Nevada Lithium Resources Inc. (CSE:NVLH) opened a $6.2 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Ucore Rare Metals Inc. (TSX-V:UCU) opened a $5.35 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 36 months. The deal is expected to close on or about June 7, 2023.
  • Freemont Gold Ltd. (TSX-V:FRE) opened a $3 million offering on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.

Major Financing Closings:

  • Surge Battery Metals Inc. (TSX-V:NILI) closed a $7.16 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Nevada Lithium Resources Inc. (CSE:NVLH) closed a $6.2 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Cosa Resources Corp. (CSE:COSA) closed a $5.56 million offering underwritten by a syndicate led by Haywood Securities Inc. 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 21, 2023.
  • Grid Battery Metals Inc. (TSX-V:CELL) closed a $3 million offering on a best-efforts basis.

 

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