ORENINC INDEX up as financings double– June 5th, 2023

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ORENINC INDEX – Monday, June 5th, 2023

North America’s leading junior mining finance data provider

Last Week: 26.48

This week: 43.44

The Oreninc Index decreased in the trading week ending June 2nd, 2023, to 43.44 from 26.48 a week ago as the number of financings doubled.

On to the money: the aggregate financings announced increased to $60 million, a 2-week high, with four new brokered financings and one new bought-deal financings announced. The average offer size increased to $1.9 million, a 2-week high, and the number of financings increased to 32.

Gold closed the week higher at $1,995/oz from $1,943/oz a week ago. The US dollar index closed lower at 103.56 from 104.25 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week higher at $38.50 from $36.05 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week higher at 249.05 from 239.07 last week.

In other commodities, Silver closed the week higher at $23.98/oz from $22.80/oz a week ago. Copper closed higher at $3.71/lb from $3.58/lb a week ago. Oil went lower as WTI closed lower at $70.10 a barrel from $71.83 a barrel a week ago.

The Dow Jones Industrial Average closed higher at 33,062 from 32,764 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19672 from 19,774 the previous week. The S&P/TSX Venture Composite Index closed lower at 606.01 from 602.64 a week ago.

Summary:

  • The number of financings increased to 32.
  • Four brokered financing were announced this week for $10m, a 2-week high.
  • One bought deal financing was announced this week for $5m, a 2-week high.
  • Total dollars heightened to $60m, a 2-week high.
  • The average offer upped to $1.9m, a 2-week high.

Major Financing Openings:

  • FPX Nickel Corp. (TSX-V:FPX) opened a $16.08 million offering on a best-efforts basis.
  • Surge Battery Metals Inc. (TSX-V:NILI) opened a $7.16 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Cosa Resources Corp. (CSE:COSA) opened a $5 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.
  • E3 Lithium Ltd. (TSX-V:ETL) opened a $5 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.

Major Financing Closings:

  • Nevada Copper Corp. (TSX:NCU) closed a $52.93 million offering underwritten by a syndicate led by Scotia Capital Inc. on a bought deal basis. Each unit includes a 1/2 warrant that expires in 16 months. The deal is expected to close on or about May 30, 2023.
  • FPX Nickel Corp. (TSX-V:FPX) closed a $16.08 million offering on a best-efforts basis.
  • Nevada King Gold Corp. (TSX-V:NKG) closed a $11.25 million offering on a best-efforts basis. The deal is expected to close on or about May 26, 2023.
  • Japan Gold Corp. (TSX-V:JG) closed a $6.13 million offering on a best-efforts basis.

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