Oreninc Index Update: April 18, 2013

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Oreninc Index Stumbles to Nine-Week Low

The Oreninc Index fell to its lowest level since February for the week ending April 18, 2013. Total money announced fell to to its lowest level in 2013.  Despite the overall drop in money announced, total brokered dollars announced remained almost flat.  Unfortunately, here has been a 70% drop in total dollars announced when comparing Q1 2011 to Q1 2013.  The equity market slump is continuing, with no clear sign of when a turnaround is likely to hit.

Summary:

  • Total deals announced dropped to 18, a nine-week low.
  • Three brokered deals were announced; brokered dollars announced fell to $30.2 million, a four-week low.
  • Zero bought deals were announced, the first time since late March.
  • Total dollars announced dropped to $44.7 million, a YTD low
  • Average deal size decreased to $2.6 million, a four-week low.

Major Financing Openings:

  • Canadian Overseas Petroleum Ltd. (TSX-V:XOP) opened a $25 million offering underwritten by a syndicate led by FirstEnergy Capital on a best efforts basis. The deal is expected to close on or about May 29, 2013.
  • North American Nickel Inc. (TSX-V:NAN) opened a $7.5 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Shoreline Energy Corporation (TSX:SEQ) opened a $5 million offering underwritten by a syndicate led by Casimir Capital Ltd. on a best efforts basis. The deal is expected to close on or about May 1, 2013.
  • Blacksteel Energy Inc. (TSX-V:BEY) opened a $2.2 million offering on a best efforts basis.

Major Financing Closings:

  • MBAC Fertilizer Corp. (TSX:MBC) closed a $51.65 million offering underwritten by a syndicate led by Canaccord on a bought deal basis.
  • Sulliden Gold Corporation (TSX:SUE) closed a $24 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Bengal Energy Ltd. (TSX:BNG) closed a $5.7 million offering underwritten by a syndicate led by Toll Cross Securities Inc. on a best efforts basis.
  • Dolly Varden Silver Corp. (TSX-V:DV) closed a $4.57 million offering on a best efforts basis.

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