Oreninc Index Update: August 20, 2015

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Oreninc Index Rises to Respectability 

The Oreninc Index improved to a respectable level for the week ending August 20, 2015. Total dollars announced jumped to $113.1m, a seven-week high. Two brokered financings were announced for $27.3m, a seven-week high; one bought deal financing was announced for $26.3m, a nine-week high.

Deal making was extremely light for the week, with the biggest news being the sale of Goldman Sach’s (NYSE:GS) Colombian coal mining division to Murray Energy for an undisclosed amount. With this sale, Goldman no longer has any physical asset holdings. Gold had a fantastic week as markets around the world faced losses due to concerns over the Chinese economy. That said, due to the very same concerns most other commodities had a difficult week.

With markets having a rough go of it around the globe, we’ll see if these increased financing activity numbers can be built on, or if investors will be skittish to invest in markets that, at this point, are relatively unstable. 

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Summary:

  • Number of financings increased to 23, a three-week high.
  • Two brokered financings were announced for $27.3m, a seven-week high.
  • One bought deal financing was announced for $26.3m, a nine-week high.
  • Total dollars exploded to $113.1m, a seven-week high.
  • Average offer size jumped to $4.9m, a 14-week high.  

Major Financing Openings:

  • Africa Oil Corp (TSX:AOI) opened a $65.46 million offering on a strategic deal basis.    
  • Klondex Mines Ltd. (TSX:KDX) opened a $26.27 million offering underwritten by a syndicate led by GMP Securities LP on a bought deal basis. The deal is expected to close on or about September 10, 2015.
  • Alphamin Resources Corp. (TSX-V:AFM) opened a $6.5 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 12 months. The deal is expected to close on or about August 31, 2015.
  • Kicking Horse Energy Inc. (TSX-V:KCK) opened a $4 million offering on a best efforts basis.    

Major Financing Closings:

  • Heron Resources Ltd. (TSX:HER) closed a $6.8 million offering on a strategic deal basis.    
  • Search Minerals Inc. (TSX-V:SMY) closed a $0.67 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 24 months.
  • Anfield Resources Inc. (TSX-V:ARY) closed a $0.55 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 24 months.
  • Macarthur Minerals Ltd. (TSX-V:MMS) closed a $0.51 million offering on a best efforts basis.

 

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