Oreninc Index Update: April 30, 2015

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Oreninc Index Leaps to Three-Week High

The Oreninc Index leapt to a three-week high for the week ending April 30, 2015. Total dollars announced increased to $74.9m, a three-week high. Twelve brokered financings were announced for $56.5m, a three-week high; four bought-deal financings were announced for $35m, a three-week high.

Deal-making slowed for the week, the only real deal of note being Newmont Mining Corporation’s (NYSE:NEM) sale of their Waihi gold mining operation in New Zealand to OceanaGold Corporation (TSX:OGC) for USD $106m. Commodities for the week were mixed, with iron ore having yet another strong week and gold fluctuating wildly but ending the week well below the all-important $1,200 level.

It’s nice to see the Index have a good performance after a couple of disappointing weeks, especially with summer approaching quickly and with it the end of the financing season. 

 

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Summary:

  • Number of financings jumped to 30, a three-week high.
  • Twelve brokered financings were announced for $56.5m, a three-week high.
  • Four bought deals were announced for $35m, a three-week high.
  • Total dollars increased to $74.9m, a three-week high.
  • Average offer size rose to $2.5m, a three-week high.

Major Financing Openings:

  • Yangarra Resources Ltd. (TSX-V:YGRopened a $20 million offering underwritten by a syndicate led by AltaCorp Capital on a bought deal basis. The deal is expected to close on or about May 21, 2015.
  • Denison Mines Corp. (TSX:DMLopened a $15 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis. The deal is expected to close on or about May 26, 2015.
  • Midas Gold Corp. (TSX:MAXopened an $8.04 million offering underwritten by a syndicate led by Haywood Securities Inc. 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 20, 2015.
  • Bullman Minerals Inc. (TSX-V:BULopened a $7.2 million offering on a best efforts basis.

 Major Financing Closings:

  • NuVista Energy Ltd. (TSX:NVA) closed a $112.01 million offering underwritten by a syndicate led by RBC Capital Markets on a bought deal basis.    
  • Fission Uranium Corp. (TSX-V:FCUclosed a $20.01 million offering underwritten by a syndicate led by Dundee Capital Markets on a bought deal basis.
  • Rare Element Resources Ltd. (TSX:RESclosed a $4.15 million offering underwritten by a syndicate led by H.C. Wainwright & Co. LLC on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • Kivalliq Energy Corporation (TSX-V:KIVclosed a $2.78 million offering on a best efforts basis.

 

 

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