Oreninc Index Update: December 27, 2012

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Oreninc Index Rises Then Falls in Final Two Weeks of 2012

The Oreninc Index concluded 2012 by climbing for three weeks and falling the last full week of the year, which ended December 27, 2012.  The week ending December 20, 2012 had the most deal openings of the year.  However, the average deal size was down significantly, highlighting a push by micro-cap companies to pick up whatever scraps (especially flow-through) were left before Christmas and New Years.  Hopefully 2013 brings a healthier market for companies looking to move projects along, as 2012 was a year the industry can’t wait to leave behind.

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Summary:
  • Ninety-nine deals were announced; the first week having the most announced deals of 2012.
  • Eleven brokered deals were announced for $95 million.
  • Zero bought deals were announced during the two week period.
  • Total dollars announced during the final two weeks of 2012 was $182 million.
  • Average deal sizes were $2.27 million and $1 million during the two weeks, with the $1 million final week being a 23-week low.
Major Financing Openings:
  • Monument Mining Limited (TSX-V:MMY) opened an $80 million offering underwritten by a syndicate led by Mackie Research on a best efforts basis.
  • Avala Resources Ltd. (TSX-V:AVZ) opened a $10 million offering underwritten by a syndicate led by Dundee Securities on a best efforts basis. Each unit includes 1 warrant that expires in 24 months. The deal is expected to close on or about January 10, 2013.
  • Atico Mining Corp. (TSX-V:ATY) opened an $8 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 18 months.
  • Anterra Energy (TSX-V:AE.A) opened a $7 million offering on a best efforts basis.
Major Financing Closings:
  • OceanaGold Corporation (TSX:OGC) closed a $93.3 million offering underwritten by a syndicate led by Macquarie Capital Markets on a bought deal basis.
  • Raging River Exploration Inc. (TSX-V:RRX) closed a $68.9 million offering underwritten by a syndicate led by Peters & Co. on a bought deal basis.
  • Veris Gold Corp. (TSX:VG) closed a $15.12 million offering underwritten by a syndicate led by Haywood Securities on a best efforts basis. Each unit includes a 1/2 warrant that expires in 48 months.
  • Mawson West Limited (TSX:MWE) closed a $13.8 million offering underwritten by a syndicate led by Cormark Securities on a best efforts basis.

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