Oreninc Index Update: August 22, 2013

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Index Five-Week Moving Average Climbs for Third Straight Week

The Oreninc Index five-week moving average reached a 22-week high, climbing for the third straight week and for the fifth time in six weeks. In addition, 45 offerings were announced last week, the most since February.  It certainly appears the summer lull is coming to an end.  The major remaining question:  will the Fall and Winter markets come back with gusto or will 2013 end as it began?

Summary:

  • Total deals announced climbed to 45, a 25-week high.
  • Two brokered deals were announced for $41m, a two-week high.
  • Two bought deals were announced for $41m, a two-week high.
  • Dollars announced increased to $69.5m, a two-week high.
  • Average deal size rose slightly to $1.5m, a two-week high.

 Major Financing Openings:

  • Tamarack Valley Energy Ltd. (TSX-V:TVE) opened a $25 million offering underwritten by a syndicate led by Dundee Capital Markets on a bought deal basis. The deal is expected to close on or about September 15, 2013.
  • Carpathian Gold Inc. (TSX:CPN) opened a $16.03 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal basis. The deal is expected to close on or about September 5, 2013.
  • San Gold Corp. (TSX:SGR) opened a $4 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Petroforte International Ltd. (TSX-V:PFI) opened a $3.7 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.

Major Financing Closings:

  • Fortune Minerals Ltd. (TSX:FT) closed a $11.7 million strategic deal.
  • Veris Gold Corp. (TSX:VG) closed an $8.384 million offering underwritten by a syndicate led by Secutor Capital on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • U.S. Silver & Gold Inc. (TSX:USA) closed a $5.78 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • Ascot Resources Ltd. (TSX-V:AOT) closed a $5.76 million offering on a best efforts basis.

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