Oreninc Index Update: April 11, 2013

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Oreninc Index Stumbles After Two-Week Climb

The Oreninc Index fell to a two-week low for the week ending April 11, 2013. ¬†Despite the total number of brokered and bought deals reaching a four-week high, the financing markets are clearly continuing to struggle. The recent drop in spot gold may increase concern regarding investing in gold properties–something that may drive the Index even lower given the significance of gold exploration within the Canadian resource financing market.

Summary:

  • Deals announced climbed to 30, a three-week high.
  • Five brokered deals were announced, a four-week high; brokered dollars announced fell to $33.9 million.
  • Three bought deals were announced for $25 million, the most offerings in four weeks.
  • Total dollars announced dropped to $82 million, a two-week low.
  • Average deal size decreased to $2.8 million, a three-week low.

Major Financing Openings:

  • Storm Resources Ltd. (TSX-V:SRX) opened a $29.29 million offering underwritten by a syndicate led by FirstEnergy Capital Corp on a bought deal basis. The deal is expected to close on or about May 1, 2013.
  • Sulliden Gold Corporation (TSX:SUE) opened a $24 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Alpha Minerals Inc. (TSX-V:AMW) opened a $12.28 million offering underwritten by a syndicate led by Salman Partners Inc. on a bought deal basis. The deal is expected to close on or about April 25, 2013.
  • Sienna Gold Inc. (TSX-V:SGP) opened a $7 million offering underwritten by a syndicate led by Casimir Capital Ltd. 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 April 30, 2013.

Major Financing Closings:

  • Kelt Exploration Ltd. (TSX:KEL) closed a $94.35 million offering underwritten by a syndicate led by Peters & Co. on a bought deal basis.
  • Anterra Energy (TSX-V:AE.A) closed a $7 million offering on a best efforts basis.
  • Kivalliq Energy Corporation (TSX-V:KIV) closed a $4.54 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.
  • Nemaska Lithium Inc. (TSX-V:NMX) closed a $4.24 million offering underwritten by a syndicate led by Euro Pacific Canada on a best efforts basis.

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