Oreninc Index Update: April 3, 2014

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Oreninc Index Increases Slightly for Second Straight Week

The Oreninc Index continued to creep up slightly for the week ending April 3, 2014. While not showing any significant gains, the increase in performance is a positive development. Dollars announced increased to $60.7m, a three-week high. Eight brokered deals were announced for $30.2m, and three bought deals were announced for $23.2m, both three-week highs. Although the Index improved for the second straight week, the five-week moving average fell to its lowest mark in six weeks; it may stay at this level for the foreseeable future as the big dollar financings start to melt away. 

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Summary:

  • Deals announced rose to 36, a three-week high.
  • Eight brokered deals were announced for $30.2m, a three-week high.
  • Three bought deals were announced for $23.2m, a three-week high.
  • Total dollars announced jumped to $60.7m, a three-week high.
  • Average deal size increased to $1.7m, a three-week high.

Major Financing Openings:

  • Silver Bear Resources Inc. (TSX:SBR) opened an $11 million offering on a best efforts basis. The deal is expected to close on or about June 30, 2014.
  • Richmont Mines Inc. (TSX:RIC) opened a $10.15 million offering underwritten by a syndicate led by Macquarie Capital Markets on a bought deal basis. The deal is expected to close on or about April 23, 2014.
  • Mason Graphite Inc. (TSX-V:LLG) opened a $10 million offering underwritten by a syndicate led by Macquarie Capital Markets Canada 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 April 30, 2014.
  • Xinergy Ltd. (TSX:XRG) opened a $5.47 million offering on a best efforts basis.

Major Financing Closings:

  • Gear Energy Ltd. (TSX:GXE) closed a $63.5 million offering underwritten by a syndicate led by FirstEnergy Capital Corp. on a bought deal basis.   
  • Fission Uranium Corp. (TSX-V:FCU) closed a $28.75 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis.   
  • Mountain Province Diamonds (TSX:MPV) closed a $28.24 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis.    
  • Pilot Gold Inc. (TSX:PLG) closed a $20 million offering underwritten by a syndicate led by National Bank Financial Inc. on a bought deal basis.

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