Oreninc Index Update: April 17, 2014

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Oreninc Index Stagnates for Fourth Straight Week 

The Oreninc Index remained stagnant for the fourth straight week for the week ending April 17, 2014. The five-week moving average fell to its lowest level since Summer 2013. Total dollars announced dropped to $71m, a two-week low. Five brokered deals were announced for $32.1m, also a two-week low; one bought deal was announced for $8m, a four-week low. While it certainly could be worse, the Index remaining at this relatively low level for an extended period of time is concerning. Let’s hope that this does not mean investors — and with them, juniors’ ability to raise cash — have started summer hibernation early.

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Summary:

  • Deals announced rose to 27, a two-week high.
  • Five brokered deals were announced for $32.1m, a two-week low.
  • One bought deal was announced for $8m, a four-week low.
  • Total dollars announced fell to $71m, a two-week low.
  • Average deal size dropped to $2.6m, a two-week low.

Major Financing Openings:

  • Aureus Mining Inc. (TSX:AUE) opened a $28.76 million offering underwritten by a syndicate led by GMP Securities L.P. on a best efforts basis. Each unit includes a 1/2 warrant that expires in 42 months.
  • Western Lithium USA Corporation (TSX:WLC) opened an $8 million offering underwritten by a syndicate led by Dundee Securities Ltd. 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 May 9, 2014.
  • Marlin Gold Mining Ltd. (TSX-V:MLN) opened a $5 million offering on an insiders only basis.    
  • Tinka Resources Limited (TSX-V:TK) opened a $4.54 million offering 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 May 30, 2014.

Major Financing Closings:

  • West Kirkland Mining Inc. (TSX-V:WKM) closed a $24.39 million offering underwritten by a syndicate led by Cormark Securities Inc. on a best efforts basis. Each unit includes 1 warrant that expires in 60 months.
  • MBAC Fertilizer Corp. (TSX:MBC) closed a $20.7 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought deal basis. Each unit includes 1 warrant that expires in 60 months.
  • BlackPearl Resources Inc. (TSX:PXX) closed a $10 million offering on a best efforts basis.
  • Ucore Rare Metals Inc. (TSX-V:UCU) closed a $7.88 million offering on a best efforts basis.

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