Oreninc Index Update: August 28, 2014

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Oreninc Index Goes Nowhere

The Oreninc Index remained stagnant for the week ending August 28, 2014. The five-week moving average also fell to its lowest level in over a year. Total dollars announced dropped to $84.4m, a two-week low. One brokered deal was announced for $10m, a two-week low; no bought deals were announced, also a two-week low.

Deals were quiet, as one would expect going into Labour Day weekend and the unofficial end of summer. Commodity prices were all over the place, with palladium hitting a 13-year high even as platinum continues its summer downfall. Iron ore also fell, continuing its horrid 2014. In a sentiment that has been repeated many times over the past couple of months, this truly was a week the industry would like to forget.

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Summary:

  • Deals announced rose to 31, a four-week high.
  • One brokered deal was announced for $10m, a two-week low.
  • No bought deals were announced, a two-week low.
  • Total dollars dropped to $84.4m, a two-week low.
  • Average deal size dropped to $2.7m, a two-week low.

Major Financing Openings:

  • NuVista Energy Ltd. (TSX:NVA) opened a $29.36 million offering on a best efforts basis. The deal is expected to close on or about September 3, 2014.
  • Peregrine Diamonds Ltd. (TSX:PGD) opened a $15.1 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 6 months.
  • Kerr Mines Inc. (TSX:KER) opened a $15 million offering underwritten by a syndicate led by Primary Capital Inc. on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Graphite One Resources Inc. (TSX-V:GPH) opened a $3.5 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 48 months.

Major Financing Closings:

  • Painted Pony Petroleum Ltd. (TSX:PPY) closed a $50 million offering on a strategic deal basis.    
  • Corvus Gold Inc. (TSX:KOR) closed a $6.18 million offering on a best efforts basis.    
  • Vendetta Mining Ltd. (TSX-V:VTT) closed a $2.25 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • Prescient Mining Corp. (TSX-V:PMC) closed a $2 million offering on a best efforts basis.

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