Oreninc Index Update: April 23, 2015

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Oreninc Index Falls to Four Week Low

The Oreninc Index fell to a four-week low for the week ending April 23, 2015. Total dollars increased to $39.5m on 27 financings, both two-week highs. Two brokered financings were announced for $4.3m, a four-week low. No bought deals were announced for the first time in four weeks.

A number of smaller and mid-sized deals were announced for the week, the largest being the finalization of Coeur d’Alene Mines Corp’s (NYSE:CDE) purchase of Paramount Gold and Silver Corp. (TSX:PZG) for $146m. Commodities for the week were mixed, with gold dropping marginally and iron ore having a strong week.

It’s difficult to remain optimistic when the Index’s levels fall as they did, however considering the increase in money raised and the number of deals, we anticipate some marginal increase in activity as companies gear up for summer exploration.

 

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Summary:

  • Number of financings jumped to 27, a two-week high.
  • Two brokered financings were announced for $4.3m, a four-week low.
  • No bought deals were announced, a four-week low.
  • Total dollars increased to $39.5m, a two-week high.
  • Average offer size fell to $1.5m, a four-week low.

 

Major Financing Openings:

  • General Moly, Inc. (TSX:GMO) opened a $20 million offering on a strategic deal basis.    
  • Skeena Resources Limited (TSX-V:SKE) opened a $4 million offering on a best efforts basis.    
  • UEX Corporation (TSX-V:UEX) opened a $2.5 million offering underwritten by a syndicate led by Marquest Capital on a best efforts basis. The deal is expected to close on or about May 4, 2015.
  • Zazu Metals Corporation (TSX:ZAZ) opened a $2.5 million offering on a best efforts basis.    

 

Major Financing Closings:

  • First Majestic Silver Corp. (TSX:FR) closed a $30.03 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis.   
  • Highland Copper Company Inc. (TSX-V:HI) closed a $7.6 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 18 months.
  • Integra Gold Corp. (TSX-V:ICG) closed a $5.74 million offering underwritten by a syndicate led by Macquarie Capital Markets Canada Ltd. on a bought deal basis.
  • Castle Mountain Mining Company (TSX-V:CMM) closed a $2 million offering on a best efforts basis.

 

 

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