Oreninc Index Update: August 13, 2015

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Oreninc Index Remains Frozen at Bottom

The Oreninc Index remained frozen at the bottom for the week ending August 13, 2015. Total dollars announced dropped to 41.3m, a two-week low. One brokered financing was announced for 0.3m, a four-week low; no bought deals were announced for the eighth straight week. 

The top deal-making news of the week were reports that Anglo American plc (LON:AAL) was on the verge of selling two of their Chilean copper assets to an unnamed British fund for somewhere between $500m-$1bn. Gold had a stellar week, reaching a three-week high on the back of Chinese currency concerns. Those same concerns did not seem to affect iron ore negatively, as it stayed mostly flat for the week, though that may have been somewhat offset by concerns of iron ore shipments out of China’s Tianjin port, which suffered an explosion that affected operations on Wednesday.

As we move closer to Labor Day, the low index numbers are starting to become more and more of a concern for what it could mean for fall performance.

 

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Summary:

  • Number of financings jumped to 20, a two-week high.
  • One brokered financings was announced for $0.3m, a four-week low.
  • No bought deal financings were announced for the eighth straight week.
  • Total dollars dropped to $41.3m, a two-week low.
  • Average offer size fell to $2m, a two-week low.  

Major Financing Openings:

  • Northern Dynasty Minerals Ltd. (TSX:NDM) opened a $10 million offering on a best efforts basis.    
  • Anterra Energy (TSX-V:AE.A) opened a $10 million offering on a strategic deal basis.    
  • Auryn Resources Inc. (TSX-V:AUG) opened a $4.8 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 24 months. The deal is expected to close on or about September 15, 2015.
  • Hudson Resources Inc. (TSX-V:HUD) opened a $4 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 36 months.

Major Financing Closings:

  • Imperial Metals Corporation (TSX:III) closed a $6 million offering on a best efforts basis.
  • Kennady Diamonds Inc. (TSX-V:KDI) closed a $4 million offering on a best efforts basis.    
  • Zenyatta Ventures Ltd. (TSX-V:ZEN) closed a $2.11 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 12 months.
  • Tsodilo Resources Limited (TSX-V:TSD) closed a $1.23 million offering on a best efforts basis.

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