Oreninc Index Update: August 1, 2013

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Oreninc Index Falls to Lowest Level in Year

The Oreninc Index continued its turbulent summer, falling to its lowest level in over a year for the week ending August 1, 2013. Total amount opened for the week fell 80% to $22.1 million. In addition to the lack of overall fundraising, broker activity was down sharply with only one deal for $4 million. This serves as a sobering reminder of the current volatility in the space.  Next week should improve marginally as we inch closer to the historically more active fall months.

Summary:

  • Total deals announced dropped to 21, a three-week low.
  • One brokered deal was announced for $4 million, a nine-week low.
  • One bought deal was announced for $4 million, a three-week low.
  • Total dollars announced fell to $22.1 million, a 53-week low.
  • Average deal size slid to $1.1 million, a 30-week low.

Major Financing Openings:

  • CBM Asia Development Corp. (TSX-V:TCF) opened a $5 million offering on a best efforts basis.
  • Canadian Zinc Corp. (TSX-V:CZN) opened a $4.01 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought deal basis. The deal is expected to close on or about August 20, 2013.
  • Kombat Copper Inc. (TSX-V:KBT) opened a $3 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 36 months.
  • NexGen Energy Ltd. (TSX-V:NXE) opened a $3.54 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 18 months. The deal is expected to close on or about August 5, 2013.

Major Financing Closings:

  • Roxgold Inc. (TSX-V:ROG) closed a $10.25 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis. The deal was expected to close on or about August 1, 2013.
  • Shoreline Energy Corporation (TSX:SEQ) closed a $5.57 million offering underwritten by a syndicate led by Casimir Capital Ltd. on a best efforts basis. The deal was expected to close on or about May 1, 2013.
  • Champion Iron Mines Limited (TSX:CHM) closed a $3 million offering on a strategic deal basis.  Each unit includes 1 warrant that expires in 24 months.
  • Arianne Phosphate Inc. (TSX-V:DAN) closed a $3.55 million offering on a best efforts basis. 

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