Oreninc Index Update: August 8, 2013

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Index Explodes to Second Highest Level of 2013

The Oreninc Index exploded to its highest level since January for the week ending August 8, 2013.  Two $80m+ brokered offerings led the way, marking the first time more than one $50m+ brokered offering has occurred in a single week in 21 weeks.  Broker activity was up all around, with brokered vs. total deals over 93%, its highest level since 2011. While the financing market may still be on shaky ground, this week’s heights along with a 14-week high for the five-week moving average give us optimism that we are moving away from 2013’s summer financing lull.

Summary:

  • Total deals announced climbed to 26, a two-week high.
  • Seven brokered deals were announced for $190m, a 28-week high.
  • One bought deal was announced for $99.6m, a 28-week high.
  • Dollars announced rose to  $204m, a 21-week high.
  • Average deal size climbed to $7.8m,  a 21-week high.

Major Financing Openings:

  • Kelt Exploration Ltd. (TSX:KEL) opened a $99.6 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a bought deal basis. The deal is expected to close on or about August 27, 2013.
  • Paladin Energy Ltd. (TSX:PDN) opened a $81 million offering underwritten by a syndicate led by UBS AG on a best efforts basis.
  • Veris Gold Corp. (TSX:VG) opened a $7.88 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. The deal is expected to close on or about August 15, 2013.
  • Artisan Energy Corporation (TSX-V:AEC) opened a $4 million offering on a best efforts basis. The deal is expected to close on or about September 13, 2013.

Major Financing Closings:

  • Gold Standard Ventures Corp. (TSX-V:GSV) closed a $5 million offering underwritten by a syndicate led by Macquarie Capital Markets Canada Ltd. on a best efforts basis.
  • Contact Exploration Inc. (TSX-V:CEX) closed a $6.49 million offering underwritten by a syndicate led by Integral Wealth Securities on a best efforts basis.
  • High North Resources Ltd (TSX:HN) closed a $3.38 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 24 months.
  • Gold Canyon Resources (TSX-V:GCU) closed a $1.95 million offering on a best efforts basis.

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