Oreninc Index Update: April 16, 2015

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Oreninc Index Take a Normalizing Dive

The Oreninc Index took a normalizing dive for the week ending April 16, 2015. Total dollars announced fell to $29.7m on 16 deals, three- and four-week lows respectively. One brokered and one bought deal were announced for $13.8m, three-week lows for both.

Deal-making was up again this week, with the planned merger between Alamos Gold (TSX:AGI) and AuRico Gold (TSX:AUQ) being the largest confirmed deal. Shareholders of both companies will each own roughly 50% of the merged company in the US$1.5b deal. Commodities had another up and down week, with gold staying mostly flat and iron ore having a nice couple of days to begin the week before coming back down towards the end.

Last week’s Index performance and the increased level of deal-making in recent weeks is great to see considering the lackluster year, however it’s unsurprising that the Index has fallen to it’s trending level.

 

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Summary:

  • Number of financings dropped to 16, tied for a four-week low.
  • One brokered financing was announced for $13.8m, a three-week low.
  • One bought deal was announced for $13.8m, a three-week low.
  • Total dollars crashed to $29.7m, a three-week low.
  • Average offer size fell to $1.9m, a two-week low.

Major Financing Openings:

  • Avnel Gold Mining Ltd. (TSX:AVK) opened a $13.81 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis. Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about April 17, 2015.
  • Midland Exploration Inc. (TSX-V:MD) opened a $10 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 36 months. The deal is expected to close on or about May 4, 2015.
  • Peruvian Precious Metals Corp. (TSX-V:PPX) opened a $1.56 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.
  • Royal Sapphire Corp. (TSX-V:RSL) opened a $1.25 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 60 months.

Major Financing Closings:

  • Petra Petroleum Inc. (TSX-V:PTL) closed a $31.72 million offering on a best efforts basis.    
  • Crown Point Energy Inc. (TSX-V:CWV) closed a $17.4 million offering on a strategic deal basis.
  • Northern Uranium Corp. (TSX-V:UNO) closed a $2.65 million offering on a best efforts basis.
  • Elissa Resources Ltd. (TSX-V:ELI) closed a $0.75 million offering on a best efforts basis.

 

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