Oreninc Index Update: April 24, 2014

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Oreninc Index Flattest in Two Years

The Oreninc Index stayed at its flattest level in over two years for the week ending April 24, 2014. Breaking away from its usual volatility, the Index has stayed at a consistent level for the last five weeks. Total dollars announced fell to $50.1m, a four-week low. Brokered deals also fell, going to three deals for $29m, a four-week low; bought deals were up to $25m on one deal, a two-week high. The Index’s level remained unusually steady compared to previous weeks, a trend that will likely return to its more typical fluctuations.

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Summary:

  • Deals announced rose to 28, a three-week high.
  • Three brokered deals were announced for $29m, a four-week low.
  • One bought deal was announced for $25m, a two-week high.
  • Total dollars announced fell to $50.1m, a five-week low.
  • Average deal size dropped to $1.8m, a three-week low.

Major Financing Openings:

  • Yangarra Resources Ltd. (TSX-V:YGR) opened a $25 million offering underwritten by a syndicate led by AltaCorp Capital Inc. on a bought deal basis. The deal is expected to close on or about May 15, 2014.
  • Ximen Mining Corp. (TSX-V:XIM) opened a $4 million offering underwritten by a syndicate led by Richardson GMP on a best efforts basis.
  • Superior Copper Corporation (TSX-V:SPC) opened a $3.25 million offering  on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months. 
  • Emperor Oil Ltd. (TSX-V:EM) opened a $2.1 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months. 

Major Financing Closings:

  • Aureus Mining Inc. (TSX:AUE) closed a $16.76 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 30 months. 
  • Richmont Mines Inc. (TSX:RIC) closed an $11.67 million offering underwritten by a syndicate led by Macquarie Capital Markets on a bought deal basis.    
  • Marlin Gold Mining Ltd. (TSX-V:MLN) closed a $5 million offering on an insiders only basis.    
  • Petrolia Inc. (TSX-V:PEA) closed a $3 million offering underwritten by a syndicate led by Laurentian Bank Securities on a bought deal basis.

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