ORENINC INDEX up as average offer increased – September 11, 2023

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ORENINC INDEX – Monday, September 11th, 2023

North America’s leading junior mining finance data provider

Last Week: 30.37

This week: 46.94

The Oreninc Index increased in the trading week ending September 8th, 2023, to 46.94 from 30.37 a week ago as several large financing were announced.

On to the money: the aggregate financings announced increased to $50 million, a 3-week high, with three new brokered financings and no bought-deal financings announced. The average offer size increased to $2.2 million, a 2-week high, and the number of financings increased to 23.

Gold closed the week lower at $1,942/oz from $1,967/oz a week ago. The US dollar index closed higher at 105.09 from 104.24 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week lower at $34.04 from $35.56 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 218.96 from 225.74 last week.

In other commodities, Silver closed the week lower at $23.17/oz from $24.56/oz a week ago. Copper closed lower at $3.71/lb from $3.85/lb a week ago. Oil went higher as WTI closed higher at $87.51 a barrel from $85.55 a barrel a week ago.

The Dow Jones Industrial Average closed lower at 34,577 from 34,838 a week ago. Canada’s S&P/TSX Composite Index closed lower at 20,074 from 20,545 the previous week. The S&P/TSX Venture Composite Index closed lower at 581.13 from 591.52 a week ago.


 

Major Financing Openings:

  • Graphite One Inc. (TSX-V:GPH) opened a $14.21 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 12 months.
  • Thesis Gold Inc. (TSX-V:TAU) opened a $13 million offering underwritten by a syndicate led by Clarus Securities Inc. on a best-efforts basis. The deal is expected to close on or about September 26, 2023.
  • Aston Bay Holdings Ltd. (TSX-V:BAY) opened a $5 million offering underwritten by a syndicate led by Cantor Fitzgerald Canada Corp. on a best-efforts basis. Each unit includes 1 warrant that expires in 24 months. The deal is expected to close on or about September 21, 2023.
  • Canadian Overseas Petroleum Ltd. (TSX-V:XOP) opened a $4.77 million offering on a best-efforts basis. The deal is expected to close on or about September 30, 2023.

Major Financing Closings:

  • Fireweed Metals Ltd. (TSX-V:FWZ) closed a $16.8 million offering on a best-efforts basis.
  • Snowline Gold Corp. (CSE:SGD) closed a $16.5 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought-deal basis. The deal is expected to close on or about September 6, 2023.
  • Tristar Gold Inc. (TSX:TSG) closed a $3.22 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 August 21, 2023.
  • Northern Superior Resources Inc. (TSX-V:SUP) closed a $3 million offering on a best-efforts basis.

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