Oreninc Index Update: December 13, 2012

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Oreninc Index Climbs for Second Straight Week

(Next week we will not be publishing the Oreninc Index due to the Christmas holiday. The next Index will be published during the first week of January and will include the previously missed week. We will return to our normal schedule the second week of January.)

The Oreninc Index climbed for the second week in a row for the week ending December 13, 2012. The week saw the most openings since September, however the average offer size was down significantly, reaching a seven-week low for brokered and non-brokered offerings alike. In addition, broker participation was at its lowest level since October. Winter is coming and companies are trying to raise what they can before the New Year, even if that requires undertaking offerings using the TSX-V’s extension of temporary relief measures.

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Summary:
  • Total number of opened deals jumped to 61, an 11-week low.
  • 10 brokered deals were announced, a three-week low; brokered dollars announced fell to $67 million.
  • Two bought deals were announced for $7 million.
  • Total dollars announced decreased to $136 million.
  • Average deal size fell to $2.2 million, a seven-week low.
Major Financing Openings:
  • Seabridge Gold Inc. (TSX:SEA) opened an $18 million offering on a best efforts basis.
  • EastCoal Inc. (TSX-V:ECX) opened a $15.1 million offering underwritten by a syndicate led by Cenkos Securities on a best efforts basis. The deal is expected to close on or about December 28, 2012.
  • Amarok Energy Inc. (TSX-V:AMR) opened a $15 million offering underwritten by a syndicate led by Integral Wealth Securities on a best efforts basis.
  • Aldridge Minerals Inc. (TSX-V:AGM) opened a $14.98 million offering underwritten by a syndicate led by Dundee Securities on a best efforts basis. The deal is expected to close on or about December 28, 2012.
Major Financing Closings:
  • NuVista Energy Ltd. (TSX:NVA) closed a $27.31 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a bought deal basis.
  • Batero Gold Corp. (TSX-V:BAT) closed a $17.79 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • CB Gold Inc. (TSX-V:CBJ) closed a $10.01 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis.
  • Marathon Gold Corp. (TSX:MOZ) closed a $5.45 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought deal basis.

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