Oreninc Index Update: December 18, 2014

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Oreninc Index Stays Solid

The Oreninc Index stayed solid for the week ending December 18, 2014. The main takeaway from this week was the increase in deals announced to 48, a 25-week high. Total dollars dropped to $99m, a two-week low. Three brokered deals were announced for $15.7m, a two-week low; one bought deal was announced for $15m, a four-week high.

Deals for the week were moderate, with the biggest one of note being Coeur Mining’s (NYSE:CDE) purchase of Paramount Gold and Silver Corp. (TSX:PZG), and with it their Sleeper Gold project and other Nevada assets, in an all-stock deal worth $146m. Gold was down for the week, falling over $30 and ending below $1,200. Iron ore continued its slide to a five-and-a-half-year low on news of China’s lowest imports in 16 years. Oil did somewhat stop its treacherous slide, though still ended lower than it did the week before.

While this has truly been a rough year, it’s nice to end with a December that had some decent Index performances, even if a year ago they wouldn’t have been considered decent.

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Summary:

  • Deals jumped to 48, a 25-week high.
  • Three brokered deals were announced for $15.7m, a two-week low.
  • One bought deal was announced for $15m, a four-week high.
  • Total dollars dropped to $99m, a two-week low.
  • Average deal size fell to $2.1m, a two-week low.

Major Financing Openings:

  • Highland Copper Company Inc. (TSX-V:HI) opened a $10 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 18 months. The deal is expected to close on or about December 31, 2014.
  • Commerce Resources Corp. (TSX-V:CCE) opened a $3.5 million offering on a best efforts basis.   
  • Stonehaven Exploration Ltd. (TSX-V:SE) opened a $3.4 million offering on a best efforts basis. The deal is expected to close on or about December 19, 2014.
  • Brazil Resources Inc. (TSX-V:BRI) opened a $2.5 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 60 months. The deal is expected to close on or about December 31, 2014.

Major Financing Closings:

  • Romarco Minerals Inc. (TSX:R) closed a $32.39 million offering on a best efforts basis.  
  • Allied Nevada Gold Corp. (TSX:ANV) closed a $25.18 million offering underwritten by a syndicate led by H.C. Wainwright & Co. LLC on a best efforts basis. Each unit includes a 1/2 warrant that expires in 60 months.
  • Alphamin Resources Corp. (TSX-V:AFM) closed a $15.95 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 12 months.
  • International Tower Hill Mines Ltd. (TSX:ITH) closed an $8.39 million offering on a best efforts basis.

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