Oreninc Index Update: August 6, 2015

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 Oreninc Index Bottoms Out

The Oreninc Index bottomed out for the holiday shortened week ending August 6, 2015. Total dollars announced jumped to $53m, a five-week high. Two brokered financings were announced for $0.8m, a two-week high; No bought deals were announced for the seventh straight week.

The largest deal of the week was OceanaGold’s (TSX:OGC) agreement to acquire Romarco Minerals Inc (TSX:R) for $856m in stock. OceanaGold will own 51% of the resulting company, with the remaining 49% being controlled by Romarco. Gold stayed mostly flat throughout the week, while iron ore had another positive performance.

Although this week’s numbers were rough, the five-week moving average, which has hit its lowest point YTD, is potentially a greater concern. Let’s see if things can pick up, particularly with regards to the number of deals announced, as we head into a full week.

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 Summary:

  • Number of financings dropped to 11, a YTD low.
  • Two brokered financings were announced for $0.8m, a two-week high.
  • No bought deal financings were announced for the seventh straight week.
  • Total dollars jumped to $53m, a five-week high.
  • Average offer size increased to $4.9m, a 12-week high.  

Major Financing Openings:

  • North American Palladium Ltd. (TSX:PDL) opened a $50.03 million offering on a best efforts basis.    
  • Tsodilo Resources Limited (TSX-V:TSD) opened a $1.23 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.
  • Goldeneye Resources Corp. (TSX-V:GOE) opened a $0.9 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Augustine Ventures Inc. (CSE:WAW) opened a $0.8 million offering underwritten by a syndicate led by IBK Capital on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.

Major Financing Closings:

  • Striker Exploration Corp. (TSX-V:SKX) closed a $8 million offering on a best efforts basis.    
  • Select Sands Corp (TSX-V:SNS) closed a $5.03 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 36 months.
  • Callinex Mines Inc. (TSX-V:CNX) closed a $3.41 million offering on a best efforts basis.    
  • Northern Spirit Resources Inc. (TSX-V:NS) closed a $3.33 million offering on a insiders only basis.

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